New York lawmakers OK new rental protections for pricey NYC

ALBANY, N.Y. (AP) — The New York state Legislature has approved new rental protections for more than a million New York City apartment dwellers, along with some regulations that would apply statewide.

The Democrat-led state Senate and Assembly passed the bill Friday afternoon. Democratic Gov. Andrew Cuomo says he will sign it .

The measure would extend and strengthen rules that restrict rental increases in many older, multi-unit apartments in and around the city.

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

Housing advocates praise the proposal as a historic victory for tenants and everyday New Yorkers.

Landlords warn apartments could fall into disrepair if owners can’t increase rents enough to recoup the cost of improvements.