S T A T E O F N E W Y O R K ________________________________________________________________________ 3037 2015-2016 Regular Sessions I N S E N A T E February 2, 2015 ___________ Introduced by Sen. ESPAILLAT -- 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 administrative code of the city of New York, in relation to requiring the rent guidelines board to take other sources of income received by landlords from commercial rents and unregulated residential units into account when establishing annual calculations 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 b of section 26-510 of the 2 administrative code of the city of New York is renumbered paragraph 4 3 and a new paragraph 3 is added to read as follows: 4 (3) ALL OTHER SOURCES OF INCOME FROM BUILDINGS CONTAINING HOUSING 5 ACCOMMODATIONS SUBJECT TO THIS LAW INCLUDING, BUT NOT LIMITED TO, 6 COMMERCIAL RENTS AND RENT FROM UNREGULATED RESIDENTIAL UNITS, AND THE 7 EXTENT TO WHICH SUCH CHANGES OFFSET CHANGES IN COST, 8 S 2. This act shall take effect immediately, provided, however, that 9 the amendments to section 26-510 of chapter 4 of title 26 of the admin- 10 istrative code of the city of New York made by section one of this act 11 shall expire on the same date as such law expires and shall not affect 12 the expiration of such law as provided under section 26-520 of such law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04027-01-5