State lawmakers and tenant advocates in New York are renewing their push for the Rent Emergency Stabilization for Tenants (REST) Act, which aims to make it easier for municipalities outside New York City to adopt rent regulation. Under current law, towns and cities can opt into rent stabilization if they determine a housing emergency exists, defined by a vacancy rate of 5 percent or less.
The REST Act would provide another method for localities to declare a housing emergency. Instead of relying solely on vacancy rates, municipalities could use publicly available data—such as local rent burdens and affordable housing availability—and conduct public hearings before making a declaration.
Senator Brian Kavanagh, who sponsors the bill and chairs the Committee on Housing, Construction and Community Development, described the measure as “a critical priority” at a recent press conference with lawmakers and Housing Justice for All. He expressed hope that it will be approved this year. Assembly member Linda Rosenthal added, “There is no reason why other parts of the state should not have the same rights and protections that we in New York City have.”
However, landlord groups represented by Homeowners for an Affordable New York oppose the expansion. The coalition stated: “Expanding these policies to municipalities statewide will only deepen the affordable housing shortage, raise costs for residents and hurt the people who need housing the most.”
Governor Kathy Hochul did not include funding for this measure in her executive budget. She also left out additional support sought by tenant advocates for the state’s housing voucher program. The proposed budget maintains $50 million in funding for the Housing Voucher Access Program—the same amount as last year—despite calls from lawmakers and advocates to increase it to $250 million.
In related news, last week saw city officials decide not to override former Mayor Eric Adams’ veto of the Community Opportunity to Purchase Act (COPA). The bill’s sponsor and council leadership have indicated plans to reintroduce COPA after making changes.
Other developments include Vornado Realty Trust being named among teams competing to become master developer for Penn Station’s overhaul; new commissioner appointments by Mayor Zohran Mamdani; power outages affecting Brooklyn due to saltwater damage according to Con Edison; city snow-melting machines processing 23 million pounds of snow; notable real estate transactions such as a $29.5 million condominium sale at 53 West 53rd Street; a $12.5 million commercial deal at 639 Grand Street; a Lenox Hill property listed at $57.5 million; and new building permits filed in Flatbush.
