On Tuesday new protections for rent stabilized apartments were approved by the New York State legislature. The NY Times, Norwood News, and other publications reported that Governor Cuomo has already announced plans to sign the bill into law.
To fully understand what was passed, check out the Norwood News. Editor David Cruz has put together an easy-to-follow summary of the nine sections of the law: rent laws in perpetuity, rent-regulation stock, vacancy bonus & longevity bonus repeal, preferential rents, rent review expanded, greater oversight of DHCR, security deposits, eviction protections, and notices.
The Bronx is home to the most rent-stabilized housing in the city and the director of West Bronx Housing expressed happiness with the new laws saying that they will slow down gentrification and help keep low and middle income families in their homes.