Thaindian News

ALBANY, NEW YORK (BNO NEWS) – Governor David Paterson unveiled a package of proposed amendments to New York’s rent laws in order to help to restore stability and certainty to a chaotic housing market, the Office of the Governor announced on Wednesday.

The proposed amendments will extend the rent laws (which are about to expire) for eight years, provide additional protection for tenants, reduce the rate at which apartments become deregulated, and address a recent Court of Appeals decision.

Last year, the Court of Appeals determined that approximately 40,000 rent regulated apartments in more than 4,000 buildings receiving tax benefits from New York City had been improperly deregulated. As a result, owners and tenants became uncertain about their legal rent. After the Court’s decision, owners, lenders and municipalities cannot determine the value of the building causing a series of troubles. The proposed legislation would allow New York to quickly and fairly determine the legal rents of the fore mentioned units.

“This series of rent regulation proposals seeks to create a rational framework for resolving issues surrounding rent regulation, while protecting both tenants and owners of New York’s regulated buildings,” said Governor Paterson.

Governor Paterson’s legislation would also modify and extend the current rent laws, which expire next year. The amendments would help the state to preserve affordable housing stock and would allow the Division of Housing and Community Renewal (DHCR) to better manage the regulatory system.

“During these difficult times it is essential that we do all we can to preserve rent regulation while restoring certainty to the rent regulation system and making it more transparent, manageable and equitable.”

There are approximately one million apartments covered by rent regulation in New York City and other municipalities in Nassau, Westchester, Rockland, Albany, Rensselaer, Rochester, Schenectady, and Erie Counties.