On January 30, 2013, Governor Cuomo signed into law three important new amendments to the Loft Law that benefit tenants. First, the amendments reduce the minimum size for coverage from 550 square feet to 400 square feet. Second, the new statute allows the Loft Board to develop rules that will exempt certain categories of buildings [yet to be defined] from the incompatible commercial use exemption. Finally, the amendments reduced the infamous “6-8-6” legalization milestone rent increases to 3-3-4.
For more information, see David’s FAQ on the Loft Law.