Loft Bill Signed Into Law

On June 21, 2010 the new expanded Loft Law, was signed into law by Governor Paterson. The loft laws were previously restricted to certain Manhattan loft tenants. With this landmark legislation, the bill serves to place stringent rent protections on "loft" units that were used as residences for any 12-month period between 2008 and 2009.  In these cases, either tenants or owners must register the eligible units with the Loft Board within six months and landlords must bring those units into compliance with mandated standards. As a result, the Loft Law not only provides assurances such as protection from eviction and safety measures to loft tenants, but also provides some of the strongest rent protections available in the State of New York.