State Lawmakers Fight over Rent Regulations

January 31, 2011  |  

(Wall Street Journal) — With the state’s rent regulations set to sunset in June, the Assembly’s Democratic majority is firing an opening shot in what is typically a high-profile legislative fight over the future of New York City’s approximately 1 million rent-stabilized apartments.  Assembly Speaker Sheldon Silver, whose chamber is allied with advocates for greater rent regulation, is vowing not to extend a recently expired tax break popular with developers unless it is tied to a substantial strengthening of the rent laws.  The tax break is known as “421-A” and it expired in December. It abates property taxes on new residential development and is credited with spurring construction on thousands of new apartments.

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