What's happening
The bill makes certain former limited-profit housing buildings fully subject to rent stabilization laws after voluntary dissolution.
Why it matters
Expands rent stabilization protections. The bill ensures that tenants in former limited-profit housing buildings (excluding mutual companies) that dissolve voluntarily are fully covered by rent stabilization, increasing tenant protections and preventing sudden rent increases.
Applies retroactively and moving forward. It covers both past and future dissolutions, meaning tenants in buildings that dissolved before the law’s enactment, as well as those dissolving after, will benefit from these new protections.
Overrides certain prior exemptions. By making these buildings fully subject to rent stabilization regardless of previous exemptions in the law, the bill closes longstanding loopholes that allowed some owners to escape rent regulation after dissolving their limited-profit status.
May affect property values and housing market dynamics. By enhancing tenant protections and limiting rent increases, the bill could influence building owners’ decisions regarding dissolution and impact the broader availability of affordable housing.
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Who cares
Headline styles
Expand Tenant Protections
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Ordered to third reading cal.275
- Advanced to third reading cal.200
- Reported
- Referred to housing
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3541
2017-2018 Regular Sessions
IN ASSEMBLY
January 27, 2017
Introduced by M. of A. PRETLOW -- read once and referred to the Committee on Housing
AN ACT to amend the emergency tenant protection act of nineteen seventy-four, in relation to the declaration of housing emergencies for rental housing accommodations located in buildings owned by certain limited-profit housing companies
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 5 of section 4 of chapter 576 of the laws of 1974, constituting the emergency tenant protection act of nineteen seventyfour, is amended by adding a new subdivision c to read as follows:
c. Notwithstanding the provisions of paragraph three or five of subdivision a of this section but subject to any other applicable exceptions in such subdivision, rental housing accommodations located in buildings which were owned by a company established under article 2 of the private housing finance law, other than a mutual company, that voluntarily dissolved pursuant to section 35 of such law shall be fully subject to the provisions of this act. The provision of subdivision a of section nine of this act shall not apply to any housing accommodation which became subject to this act pursuant to this subdivision.
§ 2. This act shall take effect immediately and shall apply to housing companies that dissolve before, on or after such date; provided, however, that the amendments to the emergency tenant protection act of nineteen seventy-four made by this act shall not affect the expiration of such act as provided in section 17 of chapter 576 of the laws of 1974, as amended and shall be deemed to expire therewith.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08693-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.