Rent Control Law Affecting 2 Million NYC Tenants Expires

What else can you count on politicians for if not to fail to reach an agreement? In this case, New York City legislators have let a law expire that stabilizes rent for some two million people living in New York City. Reports AP Online:

The immediate impact of a lapse in the rules likely would be minor. Landlords of rent-regulated units must give notice to tenants about rent increases or evictions, and [Governor Andrew] Cuomo vowed to go after landlords who exploit the law’s expiration. The law expired when it came up for renewal four years ago before an extension passed a few days later.

“While the Legislature needs to act immediately, New York tenants should know that this state government will have zero tolerance for landlords that seek to exploit those who live in rent regulated units,” Cuomo said in a statement Monday night, two hours before the law expired.

Annoyed? Outraged? In fear of getting evicted from your rent-controlled place? Thank the exploiters—the ones who’ve kept their rent-stabilized units for years and then rent them out to other unwitting (or desperate) tenants for more than what they pay. Their “abuses” are just a handful of reasons why lawmakers don’t want to renew the law in a place where demand has outstripped supply since just about always.

Based on the way this article reads, the panic you’re likely experiencing if you 1. live in New York and 2. have one of these golden unicorn units at your disposal is futile: it seems that things are en route to being worked out, and that the attention attracted by the lapse in the law is part of some political tactic to calm some lawmaker’s candy-ass tantrum.