New York's rent laws will be extended for 4 years, and will be made retroactive to June 15th, 2015.
Additional reforms to strengthen these laws include:
- The rent at which a vacant apartment can be deregulated will increase from $2,500 to $2,700 and the rent amount will be tied to the 1-year annual Rent Guidelines Board (RGB) increases beginning January 1, 2016.
- Limits on vacancy allowances in apartments with "preferential rents," which are rents charged below the legal rent.
- Limits on the amount of rent that landlords can charge tenants in order to receive reimbursement for Major Capital Improvements (MCIs) by extending the period that landlords can recover those costs from 84 months to 108 months for buildings over 35 units and 84 months to 96 months for buildings under 35 units.
- An increase in civil penalties for landlords who harass tenants.