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Sponsors
Senator · Senate District 57
No co-sponsors yet.
History
- Print number 3673a
- Amend and recommit to housing, construction and community development
- 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
BILL NUMBER:S3673A
Title of bill
An act to amend the emergency tenant protection act of nineteen seventy-four and the administrative code of the city of New York, in relation to providing that vacancy leases and renewals thereof for rent regulated housing accommodations shall be for a term of one year
Purpose
To limit renewal leases under rent stabilization to a term of one year.
Summary of provisions
This bill amends the emergency tenant protection act of 1974 and the sent stabilization law of 1969 to provide that on and after January 1, 2014, any renewal of stabilized leases will be for a term of one year.
Justification
Each year increases in rent for stabilized apartments are limited by the guidelines issued by rent guidelines boards for leases which are due for renewal on and after October 1st each year. The board's guidelines are intended to reflect the financial data it has relied upon from the prior year to determine the price index of operating costs to establish guidelines for the coming year. Forecasting the proper guidelines for the upcoming year based upon prior data is difficult and forecasting based upon further speculation using outdated economic data is even more difficult and sometimes not reliable.
It can be a difficult decision for tenants who must choose whether to select a one year or two year lease renewal based upon uncertain economic data A tenant may chose to forgo a one year lease and incur a larger increase to provide certainty in rent for a longer period, but they may be sacrificing a lower actual increase than they would face with two successive one year leases. At the same time, maintaining two year leases and their related guidelines is prejudicial to property owners whose costs fluctuate wildly. Owner and tenants need a rent guidelines mechanism which bests reflects actual costs. By contrast, the rent control system has long been based upon a system of one year increases.
Legislative history
2013: S.3673 Referred to Senate Housing Committee 2011,2012: S.6515 Advanced to Third Reading
Fiscal implications
None.
Effective date
Immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.