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Mayor Bill de Blasio File photo: Mayor Bill de Blasio

NEW YORK CITY—Mayor Bill de Blasio has signed legislation to extend rent regulation laws for three years through April 1, 2021. The law also affirms that New York City remains in a housing emergency, based on the City’s Department of Housing Preservation and Development’s 2017 Housing and Vacancy Survey which shows a 3.63% vacancy rate for all of the city’s boroughs.

A vacancy rate below 5% allows the state rent regulation laws to continue to be in effect in New York City.

“The latest HVS data confirms that New York City continues to face an affordability crisis driven by rising rents,” says HPD commissioner Maria Torres-Springer. She applauded the mayor and city council for creating stronger rent protections to help tenants.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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