On June 26, 2015, Governor Andrew Cuomo signed into law the Rent Act of 2015, also known as L. 2015, ch. 20. The Rent Act was not the mere “extender” that landlords wanted, but was also not the wholesale “strengthening” of the rent laws that tenants sought. Instead, the Legislature left the fundamentals of rent regulation as they were, but tinkered around the edges, particularly with respect to luxury deregulation, MCI rent increases, and vacancy increases.
The most relevant changes enacted by the act are discussed below.
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