Legislators failed to come to agreement on new rent regulation laws by Midnight Monday but approximately 2 million people in NYC are being told that their leases remain in effect until the lease term ends. Also according to 7online, Governor Cuomo will keep the legislator in session until an agreement is reached. Democrats are in favor of continuation of rent laws to protect many New York city residents while Republicans want to extend the existing laws for 8 years. Of course building owners affected by rent control laws want deregulation and would make a windfall if that ever happened.
The Governor has warned any landlord who attempts to exploit the temporary end of the rent laws, that they will be prosecuted. According to reports, 311 has been swamped with phone calls of rent controlled NYC tenants who want to know what their status is right now. Mayor DeBlasio considers this an emergency along the lines of a major snow storm. What do you think they should do with the rent control laws?