What's happening
This bill requires the NYC Rent Guidelines Board to consider landlords' income from commercial rents and unregulated units when setting rent adjustments.
Why it matters
Broadens the financial picture considered by the Rent Guidelines Board. By requiring the board to factor in all landlord income sources—not just regulated apartment rents, but also commercial spaces and market-rate units—the bill could lead to rent decisions that more fully reflect landlords’ overall profitability.
May limit justification for large rent increases. If landlords are making significant income from commercial tenants or unregulated units, this additional revenue could be seen as offsetting increased costs, potentially resulting in smaller rent hikes for regulated tenants.
Could promote greater transparency and fairness in rent regulation. The change ensures that rent-setting decisions are based on a more accurate representation of building owners’ financial situations, rather than focusing narrowly on costs or specific rent streams.
Might influence landlord investment and leasing strategies. Landlords may reconsider how they allocate space between regulated and unregulated units, or between residential and commercial uses, knowing all income streams will be scrutinized in rent adjustment processes.
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Who cares
Headline styles
Count Landlords' Other Income
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
2 Multi-sponsors
History
- Referred to housing
- Referred to housing
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1392
2019-2020 Regular Sessions
IN ASSEMBLY
January 15, 2019
Introduced by M. of A. L. ROSENTHAL, GOTTFRIED, DINOWITZ -- Multi-Sponsored by -- M. of A. COLTON, GLICK -- 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 requiring the rent guidelines board to take other sources of income received by landlords from commercial rents and unregulated residential units into account when establishing annual calculations
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph 3 of subdivision b of section 26-510 of the administrative code of the city of New York is renumbered paragraph 4 and a new paragraph 3 is added to read as follows:
(3) all other sources of income from buildings containing housing accommodations subject to this law including, but not limited to, commercial rents and rent from unregulated residential units, and the extent to which such changes offset changes in cost,
§ 2. This act shall take effect immediately, provided, however, that the amendments to section 26-510 of chapter 4 of title 26 of the administrative code of the city of New York made by section one of this act shall expire on the same date as such law expires and shall not affect the expiration of such law as provided under section 26-520 of such law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02577-01-9
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.