What tenants need
What Cuomo is offering
(motivating landlords to oust regulated tenants, losing affordable apartments forever)
Repeal of vacancy deregulation
Rent at which vacant apartments can be de-regulated goes up from $2500 to $2700. That amount is indexed to the RGB annual percentage change, if any.
MCI and IAI increases
Major Capital Improvement and Individual Apartment Improvement rent increases (now permanent)
Limit the increases to end when the cost of the improvement has been re-paid.
Reduce the permanent increase by 1/3.
Right now, landlords get a 20% rent increase just because an apartment has become vacant. That motivates them to kick out tenants to get to the vacancy decontrol threshold.
Cut the bonus.
Rent law renewal term
As long as vacancy deregulation is in effect, we’re losing affordable apartments.
One year renewal
Tenants renting at below the legal regulated rent (LRR) can be hit with LRR increases on lease renewal.
Close the loophole