Governor Hochul Signs Strengthened Rent Stabilization Law to Protect Tenants
In a significant victory for tenants, Governor Kathy Hochul signed an updated rent stabilization law today that imposes stricter regulations on landlords of rent-controlled and rent-stabilized properties. The new legislation aims to curb exploitative practices, such as excessive rent increases and harassment to force tenants out.
The law includes provisions requiring landlords to justify rent hikes above 3% and establishes penalties for those who fail to make timely repairs. It also expands the state’s oversight of eviction proceedings, ensuring more protections for vulnerable tenants.
“This is about keeping New Yorkers in their homes,” said Governor Hochul during the signing ceremony. “No one should live in fear of losing their home because of greed or neglect.”
Landlords’ associations have criticized the law, claiming it will discourage property investment and exacerbate the housing shortage. Tenant advocacy groups, however, hailed it as a historic win. “This will make a real difference for millions of renters struggling to stay in the city,” said Carlos Ruiz, director of the NYC Tenants Union.
