Bill S7674-2013

Caps the amount of collectible rent increases due to major capital improvements at six percent of the legal regulated rent

Caps the amount of collectible rent increases due to major capital improvements at six percent of the legal regulated rent.

Details

Actions

  • May 27, 2014: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Memo

BILL NUMBER:S7674

TITLE OF BILL: An act to amend chapter 576 of the laws of 1974 constituting the emergency tenant protection act, in relation to capping the amount of collectible rent increases due to major capital improvements at six percent of the legal regulated rent

PURPOSE:

This bill creates consistency between New York City and the ETPA counties (Westchester, Rockland, and Nassau).

SUMMARY OF PROVISIONS:

Section 1 amends paragraph 3 of subdivision d of section 6 of section 4 of chapter 576 of the laws of 1974, the emergency tenant protection act of 1974, as amended by chapter 749 of the laws of 1990, to ensure the collectible increase in rent to amortize the cost of the major capital improvement shall not exceed six percent of the legal regulated rent registered pursuant to section twelve-a of this act.

Section 2 establishes the effective date

JUSTIFICATION:

This bill creates consistency between rent stabilized apartments in New York City and the other ETPA counties, Nassau, Rockland and Westchester. Currently, Section 9 of NYCRR limits MCI increases in New York City to a maximum of six percent of the base rent. Because the law is silent, DHCR has administratively capped the MCI increase outside of New York City at fifteen percent. This bill corrects this oversight and establishes a fair and consistent level for all rent stabilized apartments.

LEGISLATIVE HISTORY:

None

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 7674 IN SENATE May 27, 2014 ___________
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 chapter 576 of the laws of 1974 constituting the emer- gency tenant protection act, 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: Section 1. Paragraph 3 of subdivision d of section 6 of section 4 of chapter 576 of the laws of 1974, constituting the emergency tenant protection act of nineteen seventy-four, as amended by chapter 749 of the laws of 1990, is amended to read as follows: (3) there has been since January first, nineteen hundred seventy-four a major capital improvement required for the operation, preservation or maintenance of the structure. An adjustment under this paragraph shall be in an amount sufficient to amortize the cost of the improvements pursuant to this paragraph over a seven-year period; PROVIDED THAT THE COLLECTIBLE INCREASE IN RENT ATTRIBUTABLE TO AN ADJUSTMENT UNDER THIS PARAGRAPH SHALL NOT EXCEED SIX PERCENT OF THE LEGAL REGULATED RENT REGISTERED PURSUANT TO SECTION TWELVE-A OF THIS ACT, or S 2. This act shall take effect immediately; provided, however, that the amendment to section 4 of the emergency tenant protection act of nineteen seventy-four made by section one of this act shall expire on the same date as such act expires and shall not affect the expiration of such act as provided in section 17 of chapter 576 of the laws of 1974, as amended.

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