Lawmakers Clash over Extending Rent Control Law

The New York legislature says it will take up the issue of New York City’s rent control law as the current three-year law is set to expire.

Lawmakers are expected to extend the rent-control and rent-regulation laws when they expire on June 15 in a move likely to infuriate landlords, the New York Post reported Sunday.

Of New York City’s 2 million rental units, 34,000 are rent controlled, with a further million covered by looser rent regulations.

Apartments currently fall out of rent control if their monthly rents hit $2,000 or if a tenants’ income hits $175,000 for two years in a row.

The New York Assembly is likely to set the monthly rent threshold at $3,000 and the tenant income threshold at $300,000, while the state Senate is considering lowering the rent cap to $1,500 a month and keeping the $175,000 income limit, which would bring more rental units into the open market.