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Albany Leaders Announce Framework of Legislative Session Agreement

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Governor Cuomo and legislative leaders announced framework for an agreement Tuesday on a number of issues.

The framework extends rent laws in New York City and other metropolitan areas for four years. The framework also extends the property tax cap for an additional four years, and includes $1.3 billion in property tax cuts for homeowners. The framework also finalizes the $1.5 billion Upstate Revitalization Initiative. Under that program the Southern Tier is one of seven upstate regions which will compete for a $500 million economic development prize from the state.