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- Referred to housing, construction and community development
- Referred to housing, construction and community development
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Reduces the amount of maximum rent increase collectible in one year
In Assembly Committee · Housing · Sponsor Daniel O'Donnell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2853
Title of bill
An act to amend the administrative code of the city of New York, in relation to reducing the amount of maximum rent increase collectible in one year
Purpose or general idea of bill
This bill reduces the maximum annual rent increase for rent controlled apartments in New York City from 7% percent to 3 percent.
Summary of specific provisions
Paragraph 5 of subdivision a of Section 26-405 of the New York City Rent Control Law is amended to limit automatic annual rent increases for rent controlled apartments to three percent.
Justification
The New York City Rent Control Law was amended in 1971 to create the Maximum Base Rent system of automatic annual rent increases. Maximum Base Rents (MBRs) are established every two years by the agency administering rent controls. The MBRs establish ceilings for rent increases. Within the MBR ceilings, rents are increased every year by 7% percent over the previous maximum collectible rent. Other additional rent increases are permitted for such things as major capital improvements or the installation of additional equipment in an apartment. The MBR system was created during a period of unusually high national inflation. The annualized inflation rate in the United States during the period 1970-1980 was 7.81%. In contrast, the annualized inflation rate during the years 2000-2008 was 2.83%. This legislation is necessary to bring the automatic annual rent increases for rent controlled apartments back into a reasonable, relationship with current rates of inflation. Annual 7% percent rent increases far exceed the rent increases authorized in New York City during recent years for the parallel rent stabilization program. In addition, rent controlled apartments are generally occupied by elderly residents living on fixed incomes. The outdated MBR system's automatic 7 1/2 percent annual rent increases are a major hardship for such tenants and are no longer justified by current costs for the maintenance and operation of their housing.
Effective date
Immediately, with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.