Bill Text: NY S02203 | 2019-2020 | General Assembly | Introduced

New York Senate Bill 2203 (Prior Session Legislation)

Introduced

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 4-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S02203 Detail]

Download: New_York-2019-S02203-Introduced.html

                STATE OF NEW YORK
        ________________________________________________________________________
                                          2203
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 23, 2019
                                       ___________
        Introduced  by  Sens. BAILEY, MAYER, SEPULVEDA -- read twice and ordered
          printed, and when printed to be committed to the Committee on Housing,
          Construction and Community Development
        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
    19  spread forward in similar increments and added to  the  legal  regulated
    20  rent  as established or set in future years. In no event shall more than
    21  one six percent increase in the legal regulated rent  pursuant  to  this
    22  paragraph be collected in the same year, or
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05505-01-9

        S. 2203                             2
     1    §  2.  This act shall take effect immediately; provided, however, that
     2  the amendment to section 4 of the emergency  tenant  protection  act  of
     3  nineteen  seventy-four  made  by section one of this act shall expire on
     4  the same date as such act expires and shall not affect the expiration of
     5  such  act  as provided in section 17 of chapter 576 of the laws of 1974,
     6  as amended.