NYC Rent Stabilization Law Extended through 2015

 MAYOR BLOOMBERG SIGNS LEGISLATION EXTENDING THE RENT STABILIZATION LAW THROUGH APRIL 2015 

Introductory Number 791 extends the Rent Stabilization Law from April 1, 2012 through April 1, 2015.  In order to extend the Rent Stabilization Law, the City must determine that a housing emergency exists to merit the need for rent stabilization.

The 2011 Housing Vacancy Survey, conducted by the New York City Department of Housing Preservation and Development, reports the vacancy rate in rental apartments to be 3.12 percent, well below the 5 percent rate at which the law requires that rent regulation be discontinued.

The Rent Stabilization Law, enacted in 1969, has been extended in three-year periods since 1979, and requires owners of properties with six or more rental units to abide by the annual rent increase set by the Rent Guidelines Board.

Mayor Bloomberg extended the law for three more years despite a possible ruling by the Supreme Court.