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New rent regulations signed into law

Friday, Governor Andrew Cuomo signed a sweeping package of rent laws, designed to enhance renter protections

ALBANY, N.Y. — Wednesday, lawmakers in Albany reached an agreement that radically reforms regulations in favor of renters.

Friday, Governor Andrew Cuomo signed it into law.

It extends and strengthens rules restricting rental increases in many older - multi-unit apartments in and around New York City.

The law would also ban security deposits of more than one month statewide - and authorize cities throughout New York to opt into rent stabilization.

Landlords say they are concerned that apartments could fall into disrepair if owners can't increase rents enough to recoup the cost of improvements.