A tentative deal has been agreed upon by the 3 men in the room, Governor Andrew Cuomo, State Senate Majority Leader John Flanagan, and Assembly Speaker Carl Heastie. This deal however is subject to ratification by the members of the State Assembly and State Senate.
As for Rent Regulations there could be a 4 year extension with some higher threshold for vacancy decontrol which was not announced. It also includes a higher threshold landlords need for MCI increases, but again no numbers were announced.
The 421A deal is a 6 month extender contingent upon the real estate industry and labor unions agreeing on a prevailing wage during the 6 months. If that happens the 421A program will be extended to 4 years and be tied to Rent Regulations. If there is no agreement on a prevailing wage in 6 months the 421A program will end.
As for the Property Tax Cap no details were announced, just that there was a deal for a $1.3 million dollar property tax rebate for homeowners outside New York City.
Mayoral Control will be extended for another year with no details, with $250 million dollars will go to private schools for reimbursement of mandated services, again no details of what services.
It is now up to each individual state legislature to vote on the agreements by their respective leaders. It looks like some state legislatures will have to have this deal shoved down their throats to get it passed over objections of said state legislatures, but it should be able to be passed by both houses since there were items specific to one house of the state legislature over the other put in.
