Landmark deal reached on NY rent protections

Source: Luis Ferré-Sadurní, Jesse McKinley & Vivian Wang, New York Times (Paid Registration)

Newly empowered Democratic leaders in Albany announced a landmark agreement on Tuesday to strengthen New York’s rent laws and tenant protections, seeking to address concern about housing costs that is helping drive the debate over inequality across the nation. The changes would abolish rules that let building owners deregulate apartments, close a series of loopholes that permit them to raise rents and allow some tenant protections to expand statewide.

The legislation in Albany is far-reaching: While rent regulations are currently restricted largely to New York City and a few other localities, the new package would allow cities and towns statewide to fashion their own regulations, which are meant to keep apartments affordable by limiting rent increases.

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