Mayor Eric Adams signed a bill into law impacting more than one million rent stabilized apartments across New York City.
signed a bill into law impacting more than one million rent stabilized apartments across New York City.
"This bill allows the City Council to take the necessary time to determine the status of New York City's housing emergency," Adams said. The new law allows rent stabilization to continue as the deadline for the city's housing and vacancy survey is extended from April 1 to July 1. According to state law, the rental apartment vacancy rate has to be less than 5% to keep rent regulations in effect.
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