Extends New York’s rent stabilization system to buildings constructed after 1974 — the current cutoff. Creates a new anti-harassment enforcement unit within the Attorney General’s office. Would expand protections to an estimated 400,000 additional NYC households.
New York’s rent stabilization system was created in 1969 in response to the postwar housing crisis. The 1974 cutoff was a compromise designed to encourage new construction by exempting newer buildings. But New York City’s housing crisis is now severe enough that buildings built in 1975, 1985, or 2005 are no longer “new” — and tenants in those buildings face dramatic rent increases with no protection.
Landlord groups argue rent stabilization discourages new construction by reducing the return on housing investment. Real estate industry groups have lobbied against expansion, arguing it would reduce housing supply over time. Economists are divided — some studies support this view, others find minimal construction effects in high-demand markets like NYC.