Bill Text: NY S04568 | 2017-2018 | General Assembly | Introduced

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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 3-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S04568 Detail]

Download: New_York-2017-S04568-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4568
                               2017-2018 Regular Sessions
                    IN SENATE
                                    February 17, 2017
                                       ___________
        Introduced  by  Sen.  BAILEY -- 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.
                                                                   LBD02495-01-7
        S. 4568                             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.