News 12 Staff

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Mar 19, 2024, 8:09 AM

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Updated

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The City Council voted in favor of extending the Rent Stabilization Law that was set to expire this April 1. It will now last through April 1, 2027.

The bill, proposed by Councilmember Pierina Sanchez, was introduced and passed on Tuesday, declaring that the housing emergency is still here. This was determined by the New York City Council by reviewing the percentage of all available units in New York City. A housing emergency is if there are less than 5% of available units. The percentage of vacant units is the lowest since 1968, sitting at 1.41% in 2023.

"The rent is going to increase, it doesn't stay the same, but it's only going to increase by a little percentage from year-to-year and lease-to-lease," said Sarah Hainbach, housing attorney who works with clients who rely on this law. "That allows families to have economic stability and remain rooted in the homes and neighborhoods that they choose to live in."

The extension now awaits the stamp of approval from Mayor Eric Adams before becoming law.