New York lawmakers voted Thursday to continue rent controls in New York City, continue a statewide property tax cap and provide rebates to homeowners.
The property tax rebate checks will be statewide the first year and income-based the next three years, with a top income limit of $275,000. Rebates the first year are $130 in New York City suburbs or $185 on Long Island and upstate, and a percentage of STAR program tax savings after that based on a graduated income scale.
The deal followed the broad three-way leaders’ agreement reached two days ago with Senate Majority Leader John Flanagan, Assembly Speaker Carl Heastie and Gov. Andrew Cuomo.
The legislation will extend New York City’s rent control for four more years, raise the threshold for vacancy decontrols and add indexing through the rent guidelines board.
It also contains a four-year extension of tax breaks for city residential developers who provide some affordable housing. But it requires an agreement within six months between real estate and labor interests on wages.