Newly empowered Democratic leaders in Albany announced a landmark agreement on Tuesday to strengthen New York’s rent laws and tenant protections, seeking to address concern about housing costs that is helping drive the debate over inequality across the nation. The changes would abolish a rule that lets building owners deregulate apartments, close a series of loopholes that permit them to raise rents and allow some tenant protections to expand statewide, according to three officials with knowledge of the negotiations. The deal was a significant blow to the real estate industry, which said the measures would lead to the deterioration of the condition of New York City’s housing. The industry had long been one of the most powerful lobbies in Albany, but had suffered a loss of influence after its Republican allies surrendered control of the State Senate in the November elections. The State Senate majority leader, Andrea Stewart-Cousins, said in a statement that she and Carl E. Heastie, the speaker of the Assembly, had struck a “historic affordable housing legislation agreement.”

Source: New York Times June 11, 2019 22:34 UTC