Bill Text: NY A01880 | 2015-2016 | General Assembly | Amended
Bill Title: Caps the amount of collectible rent increases due to major capital improvements at six percent of the legal regulated rent.
Spectrum: Partisan Bill (Democrat 19-0)
Status: (Introduced - Dead) 2016-05-26 - advanced to third reading cal.743 [A01880 Detail]
Download: New_York-2015-A01880-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1880--A 2015-2016 Regular Sessions IN ASSEMBLY January 13, 2015 ___________ Introduced by M. of A. MAYER, WRIGHT, ABINANTI, GOTTFRIED, HOOPER, JAFFEE, KAVANAGH, MOSLEY, O'DONNELL, PRETLOW, RIVERA, ROZIC, SOLAGES, ARROYO, PICHARDO -- Multi-Sponsored by -- M. of A. BUCHWALD, DAVILA, MARKEY, SIMON -- read once and referred to the Committee on Housing -- recommitted to the Committee on Housing in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the emergency tenant protection act of nineteen seven- ty-four, in relation to capping the amount of collectible rent increases due to major capital improvements at six percent of the legal regulated rent The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 3 of subdivision d of section 6 of section 4 of 2 chapter 576 of the laws of 1974, constituting the emergency tenant 3 protection act of nineteen seventy-four, as amended by section 30 of 4 part A of chapter 20 of the laws of 2015, is amended to read as follows: 5 (3) there has been since January first, nineteen hundred seventy-four 6 a major capital improvement required for the operation, preservation or 7 maintenance of the structure. An adjustment under this paragraph shall 8 be in an amount sufficient to amortize the cost of the improvements 9 pursuant to this paragraph over an eight-year period for a building with 10 thirty-five or fewer housing accommodations, or a nine-year period for a 11 building with more than thirty-five housing accommodations, for any 12 determination issued by the division of housing and community renewal 13 after the effective date of the rent act of 2015; provided that the 14 collection of any increase in the legal regulated rent for any housing 15 accommodation pursuant to this paragraph shall not exceed six percent in 16 any year from the effective date of the order granting the increase over 17 the legal regulated rent registered pursuant to section twelve-a of this 18 act, with collectibility of any dollar excess above said sum to be EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00299-07-6A. 1880--A 2 1 spread forward in similar increments and added to the legal regulated 2 rent as established or set in future years. In no event shall more than 3 one six percent increase in the legal regulated rent pursuant to this 4 paragraph be collected in the same year, or 5 § 2. This act shall take effect immediately; provided, however, that 6 the amendment to section 4 of the emergency tenant protection act of 7 nineteen seventy-four made by section one of this act shall expire on 8 the same date as such act expires and shall not affect the expiration of 9 such act as provided in section 17 of chapter 576 of the laws of 1974, 10 as amended.
