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History
- Referred to housing, construction and community development
- Referred to housing, construction and community development
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the administrative code of the city of New York, the emergency tenant protection act of nineteen seventy-four and the real property tax law, in relation to rent increases for major capital improvements
Purpose
This bill provides for the regulation of major capital improvement rent increase pass alongs.
Provisions
The Division of Housing and Community Renewal (DHCR) shall set forth and periodically update a schedule by which landlords may pass along to tenants the cost of major capital improvements (MCI). The surcharge may not exceed six percent of the base rent, and is to be a temporary increase. After the cost of the improvement has been recouped, the surcharge is to be reduced by half and the remainder to become a permanent increase to the base rent. The request for such increases must be reviewed by the DHCR, and upon approval the tenants in the building to be affected are to be notified by the DHCR.
Justification
At present there is no ceiling on MCI rent increases in rent controlled or stabilized apartments. Landlords can apply for any number of MCIs in a given year; causing rents to rise to a level that would no longer be affordable to the tenants. By limiting to six percent the allowable MCI rent increases we ensure that rents will remain affordable. MCI increases are in addition to and apart from other legally permitted rent increases. Currently the full amount of the MCI increase can become permanent, even after the cost of the MCI has been recouped. The landlords' desire to keep MCI based rent increases as permanent additions to the base rent must be balanced against the tenants' need for affordable housing. This bill provides for a fair compromise; allowing one half of the surcharge to become a permanent addition to the base rent after the cost of the MCI has been recouped.
History
1987-08--Referred to Housing, Construction and Community Development.
Fiscal implication
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.