2M NYers Face Deregulation as Rent Laws Expire

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(Photo: Andrew Burton/Getty Images).
(Photo: Andrew Burton/Getty Images).

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.

SEE ALSO: The War for New York: What the Cuomo-De Blasio Feud Means for Real Estate

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.

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