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New York

hrmjustin

(71,265 posts) Tue Jun 16, 2015, 10:40 AM Jun 2015

More Than a Million Apartments Face Deregulation as Rent Laws Expire

Will Bredderman

he more than two million New Yorkers residing in rent-regulated apartments could see their units become market-rate after the State Legislature failed to reach an agreement on the city’s rent regulations by midnight.

The State Senate, Gov. Andrew Cuomo and the Assembly did not come to a consensus on the regulations, which last came up for renewal in 2011, by the expiration deadline. As a result, more than one million apartments price-capped under rent stabilization, the Senior Citizen Rent Increase Exemption and the Disability Rent Increase Exemption have passed out of regulation and could go for market rate rents.

Read more at http://observer.com/2015/06/more-than-a-million-apartments-face-deregulation-as-rent-laws-expire/#ixzz3dEhqfUAw

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