2M NYers Face Deregulation as Rent Laws Expire

The more than 2 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.