Lawmakers reach deal on rent control

Rent regulations are to be extended for four years.

Rent regulations are to be extended for four years. (6/24/15)

NEW YORK - State legislatures have finally reached an agreement with Gov. Andrew Cuomo to extend rent regulations in New York City. 

Lawmakers made the announcement Tuesday, saying the rent control law will be extended for four years. 

Under the regulations, landlords will have limited ability to raise the cost of rent regulated homes. 

The deal also provides tax rebates for homeowners and $250 million in state aid to private schools. 

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