Legislative leaders in Albany are getting close to renew regulation to cap property taxes on rent-regulated apartments which will make it more difficult for local governments to raise property taxes on suburban and upstate homeowners.
Controlling the rising property taxes within the five years should bring a stop to the exodus of many homeowners and businesses from the state. Governor Andrew Coumo and the two chambers agreed to establish a local tax cap, containing the growth in property taxes outside the cirty at 2% a year, writes the New York Times.
The legislation will make it harder for city landlords to charge market rates to tenants. The deal will mean that city’s rent will be more protected from landlords who want to deregulate rent-stabilized apartments.
Just New York City has about one million rent-regulated apartments, which under certain conditions can be returned to the free-market. With the new legislation the minimum threshold to deregulate a vacant apartment would increase to $2,500 a month from $2,000.
Another provision will set a maximum yearly income of $175,000 for people who qualify for rent-regulated apartments. It will be also required from landlords to invest 50% more in renovations to take away the apartment from rent controls.