What's happening
This bill reduces the maximum annual rent increase landlords can collect from 7.5% to 3% in New York City.
Why it matters
Meaningfully lowers the pace of legal rent increases for existing tenants, potentially offering greater housing stability and affordability for renters facing cost-of-living pressures.
Could limit the financial incentives for landlords to make upgrades or maintain properties, as their ability to increase rents annually is now more tightly capped.
May reduce the likelihood of tenant displacement due to rapidly rising rents, helping to preserve neighborhood continuity and prevent sudden rent shocks for long-term residents.
Applies only as long as the local housing emergency is declared; if the emergency ends, these protections could expire, highlighting the ongoing need to monitor housing market conditions.
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Who cares
Headline styles
Limit Rent Hikes to 3%
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Reported referred to rules
- Referred to housing
- Referred to housing
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.
Cap Annual Rent Increases
In Senate Committee · Housing, Construction And Community Development · Sponsor Liz Krueger
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5039
2017-2018 Regular Sessions
IN ASSEMBLY
February 6, 2017
Introduced by M. of A. O'DONNELL -- read once and referred to the Committee on Housing
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
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph 5 of subdivision a of section 26-405 of the administrative code of the city of New York is amended to read as follows:
(5) Where a maximum rent established pursuant to this chapter on or after January first, nineteen hundred seventy-two, is higher than the previously existing maximum rent, the landlord may not collect more than [seven and one-half percentum] three percent increase from a tenant in occupancy on such date in any one year period, provided however, that where the period for which the rent is established exceeds one year, regardless of how the collection thereof is averaged over such period, the rent the landlord shall be entitled to receive during the first twelve months shall not be increased by more than [seven and one-half percentum] three percent over the previous rent and additional annual rents shall not exceed [seven and one-half percentum] three percent of the rent paid during the previous year. Notwithstanding any of the foregoing limitations in this paragraph five, maximum rent shall be increased if ordered by the agency pursuant to subparagraphs (d), (e), (f), (g), (h), (i), (k), (l), (m) or (n) of paragraph one of subdivision g of this section. Commencing January first, nineteen hundred eighty, rent adjustments pursuant to subparagraph (n) of paragraph one of subdivision g of this section shall be excluded from the maximum rent when computing the [seven and one-half percentum] three percent increase authorized by this paragraph five. Where a housing accommodation is vacant on January first, nineteen hundred seventy-two, or becomes vacant
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09042-01-7
A. 5039 2
thereafter by voluntary surrender of possession by the tenants, the maximum rent established for such accommodations may be collected.
§ 2. This act shall take effect immediately; provided that the amendments to section 26-405 of the city rent and rehabilitation law made by section one of this act shall remain in full force and effect only as long as the public emergency requiring the regulation and control of residential rents and evictions continues, as provided in subdivision 3 of section 1 of the local emergency housing rent control act.
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.