The following letter has been distributed by CompassRock to Stuyvesant Town-Peter Cooper Village residents concerning the expiration of the rent laws:
As you may know, the Rent Stabilization Law (“RSL”) is set to expire at midnight tonight, June 15, 2015 and as of this morning no deal has been reached in Albany to extend the RSL. As a reminder, all units in Peter Cooper Village and Stuyvesant Town are subject to Rent Stabilization.
We appreciate that the potential expiration of the RSL may be stressful for some residents and can raise questions about what will happen without the protections of the Law. We want to assure our residents that you have nothing to worry about at PCVST. All leases that are currently in place will remain in full force and effect even if the Law expires tonight. Furthermore, PCVST will continue to adhere to the current rules in place (even if the Law expires) until Albany acts.
We, like you, are watching developments in Albany closely and waiting for a resolution. Unfortunately, we don’t have any additional information to share about what the final resolution may look like or when it will occur. We will act in accordance with the new law as soon as it is passed.