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Who cares
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Sponsors
No co-sponsors yet.
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 private housing finance law, in relation to providing for arbitration with respect to rental increases granted to limited-profit housing companies
Purpose/summary of provisions
This bill would add a new subdivision 12 to section 31 of the Private Housing Finance Law to prevent Mitchell-Lama rent increases within a two-year period from the date of an earlier increase, unless a shorter period is requested by the tenant organization or the Board of Directors in a cooperative. In effect, this bill would fix rent increases for a period of at least two years for residents of Limited Profit Housing Company buildings.
Justification
The Commissioner of the Division of Housing and Community Renewal now has the discretion for deciding the duration of rent increases (one year, two years, etc.). In fact, the current practice is to impose rent increases for not more than a 12-month period. This is totally unfair to tenants in limited profit housing companies because it creates much uncertainty and disruption in the financial plans of the tenants. This legislation would .remove the uncertainty by requiring that when rents are increased, the increases will remain in effect for at least a two-year period unless a shorter period is requested.
Existing law
None.
Fiscal implications
None to the state.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.