Laws surrounding rent-stabilized housing were set to expire on April 1 but will now stick around through 2027.

Mayor Adams signed off on the extension that will keep these laws around for three more years after he and the City Council acknowledge they're too important to get rid of in the current housing market.

"We have a vacany rate of 1.4%, and even lower when it comes to affordable housing," said Adams. The city acknowledges a housing emergency if there is a vacancy rate of less than 5% of rental housing stock.