Tuesday, June 23, 2015

Tentative rent law deal doesn't do much for tenants. Tell Cuomo!


The rent deal proposed by Gov. Cuomo, Assembly Speaker Heastie, and Senate Majority Leader Flanagan does very little for tenants.  If you want more, contact Gov. Cuomo, our State Senator Bill Perkins and our Assembly Member Daniel O'Donnell to vote NO on the "conceptual deal."



Issue
What tenants need
What Cuomo is offering
Vacancy deregulation
(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.
Vacancy bonus
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.



No change
Rent law renewal term
As long as vacancy deregulation is in effect, we’re losing affordable apartments.

One year renewal

Four years
Preferential rent
Tenants renting at below the legal regulated rent (LRR) can be hit with LRR increases on lease renewal.

Close the loophole

No change