Possible Break on Rent Standoff
New York 1 Cable, June 13, 1997State Senate Majority Leader Joe Bruno is bending a little on his stance on rent regulations. Bruno has released a bill closer to that of Governor Pataki. The plan calls for a $175 thousand dollar income cap for deregulating apartments. Bruno previously set the limit at $125 thousand.
Bruno also says he will now allow domestic gay partners to take over an apartment when their loved one dies. In the past, he had opposed allowing succession rights for gays.
If the law expires, it will not impact the 70 thousand rent controlled apartments. But if you're in a rent stabilized apartment and your lease runs out before October 13th, you're entitled to a new one or two year lease with a regulated apartment. When that lease runs out, the apartment is deregulated. If your apartment is rent stabilized and your lease expires after October 13th, your apartment will be deregulated at the end of the current lease.