What's happening
This bill amends the Private Housing Finance Law to require rent adjustments after rehabilitation of rent-controlled or stabilized buildings to follow existing rent control laws.
Why it matters
Closes a potential loophole. that previously allowed rent increases in rehabilitated buildings to bypass existing rent control or stabilization laws, ensuring tenants remain protected by those regulations after rehab work.
Standardizes rent-setting practices. for buildings receiving participation loans, meaning landlords cannot set higher "initial rents" post-rehabilitation for units that were previously rent-controlled or rent-stabilized.
Protects long-term affordability. for residents of buildings undergoing rehabilitation, reducing the risk of displacement or sudden rent hikes for tenants in regulated apartments.
Clarifies legal procedures. for setting adjusted rents, making it easier for tenants and landlords to understand which laws apply after rehabilitation, and potentially reducing legal disputes over rent-setting authority.
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Who cares
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Protect Rent-Stabilized Apartments
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History
- Referred to housing
- Referred to housing
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3716
2019-2020 Regular Sessions
IN ASSEMBLY
January 30, 2019
Introduced by M. of A. DINOWITZ -- read once and referred to the Committee on Housing
AN ACT to amend the private housing finance law, in relation to adjusted rents under the participation loan program
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 804 of the private housing finance law, as amended by chapter 456 of the laws of 2003, is amended to read as follows:
§ 804. Rentals. [Notwithstanding the provisions of, or any regulation promulgated pursuant to, the emergency housing rent control law, the local emergency housing rent control act or local law enacted pursuant thereto, upon] Upon completion of the rehabilitation of an existing multiple dwelling, the construction of a new multiple dwelling or the conversion of non-residential property into a multiple dwelling aided by a participation loan made pursuant to this article, the agency shall establish the initial rent for each dwelling unit within the rehabilitated, newly constructed or converted multiple dwelling; provided that upon the rehabilitation of an existing multiple dwelling which was subject to the provisions of, or any regulation promulgated pursuant to, the emergency housing rent control law, the local emergency housing rent control act, the rent stabilization law of nineteen hundred sixty-nine or any local law enacted pursuant thereto, the adjusted rent shall be established pursuant to such provisions. Where the city of New York or the New York city housing development corporation has participated or invested in a loan pursuant to this article, all dwelling units within the multiple dwelling subsequent to the establishment of initial rents by the agency shall be subject to the rent stabilization law of nineteen hundred sixty-nine provided, that the occupant in possession of a dwelling unit when the multiple dwelling is made subject to the rent stabilization law of nineteen hundred sixty-nine shall be offered a two year lease notwithstanding any contrary provisions of, or regulations adopted pursuant to, the rent stabilization law of nineteen hundred sixty-nine at such initial rent set for such dwelling unit by the agency.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01246-01-9
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.