Bill Text: NY A00467 | 2023-2024 | General Assembly | Introduced

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Bill Title: Provides that in cities with a population of one million or more, the rent following the dissolution date of Mitchell-Lama developments shall be the last rent authorized for the affected dwelling.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced) 2024-01-03 - referred to housing [A00467 Detail]

Download: New_York-2023-A00467-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           467

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                     January 9, 2023
                                       ___________

        Introduced  by  M. of A. L. ROSENTHAL, BENEDETTO, COOK, DINOWITZ, COLTON
          -- Multi-Sponsored by -- M. of A.  GLICK,  HEVESI  --  read  once  and
          referred to the Committee on Housing

        AN  ACT to amend the private housing finance law, in relation to limited
          profit housing companies in a city with a population of one million or
          more

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. The private housing finance law is amended by adding a new
     2  section 35-b to read as follows:
     3    § 35-b. Rent following dissolution. 1. As used in  this  section,  the
     4  following terms shall have the following meanings:
     5    (a)  "Affected development" shall mean housing accommodations that (i)
     6  prior to the dissolution date were  operated  as  a  rental  development
     7  pursuant  to  this  article; and (ii) following the dissolution date are
     8  subject to the rent stabilization law of nineteen hundred sixty-nine  or
     9  the emergency tenant protection act of nineteen seventy-four.
    10    (b)  "Affected dwelling unit" shall mean a housing unit in an affected
    11  development.
    12    (c) "Affected housing company" shall  mean  a  limited-profit  housing
    13  company with an affected development.
    14    (d) "Dissolution date" shall mean, with respect to any affected devel-
    15  opment,  the date of dissolution or reconstitution of the affected hous-
    16  ing company with such affected development pursuant to  section  thirty-
    17  five of this article.
    18    2.  Notwithstanding  the  provisions  of any general, special or local
    19  law:  (a) the initial legal regulated rent  for  any  affected  dwelling
    20  unit on and after the dissolution date shall be the last rent authorized
    21  for  the  affected  dwelling unit before the dissolution date, including
    22  rental surcharges, if any, and (b) such legal regulated rent  shall  not
    23  at  any  time  be  subject  to  adjustment  pursuant to subdivision a of

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00883-01-3
        A. 467                              2

     1  section 26-513 of the administrative code of the city of  New  York,  or
     2  subdivision  a of section nine of the emergency tenant protection act of
     3  nineteen seventy-four.
     4    § 2. This act shall take effect immediately.