Mayor Eric Adams signs law extending rent stabilization
NEW YORK - Mayor Eric Adams 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.
The 2020 survey was postponed due to the census and the pandemic.
According to state law, the rental apartment vacancy rate has to be less than 5% to keep rent regulations in effect.
