NY Lawmakers Approve Tax Cap, Rent Controls

NY Lawmakers Approve Tax Cap, Rent Controls.

The AP (6/27) reports, "Detailed legislation to establish a statewide property tax cap, continue New York City rent controls and challenge unwieldy state mandates was approved Friday night by the state Legislature." The 146-page bill would limit tax increases to either 2 percent or the inflation rate. It "codified agreements among legislative leaders and Gov. Andrew Cuomo to restore for four more years the expiring city rent controls on roughly a million apartments housing some 2.5 million tenants," increases the "thresholds for rent and tenant income that allow landlords to deregulate apartments. The rent ceiling will rise from $2,000 to $2,500. Eligible tenant incomes will increase from $175,000 to $200,000."