Overview
As part of the FY2025 State Budget, Governor Hochul has secured historic anti-price gouging and eviction protections for New York renters.
The budget makes annual rent increases above ten percent or five percent plus the Consumer Price Index (whichever is lower) presumptively unreasonable to protect tenants against price gouging and strengthens legal protections for covered renters in eviction proceedings, where applicable.
These protections will be mandatory in New York City; municipalities outside of New York City will have the ability to opt-in to the program. Separately, Governor Hochul reached an agreement to reinforce existing law to make clear that squatters are not tenants, and thus are not entitled to these and other tenant protections.