What's happening
This bill sets initial rent levels for certain housing units after dissolution of limited-profit companies and restricts future rent adjustments.
Why it matters
Prevents significant rent increases for tenants after limited-profit housing developments dissolve. by setting the new “initial” rent at the last rent charged under the old regime, including any surcharges, rather than allowing landlords to set much higher market rents.
Removes the ability for landlords to use certain common rent adjustment mechanisms. (specifically, those under NYC’s rent stabilization law and the Emergency Tenant Protection Act) for these units after dissolution, meaning future rent increases are more tightly controlled than in other rent-stabilized apartments.
Protects affordability for residents in affected buildings. by ensuring that both the immediate and ongoing rent levels remain closely tied to what tenants were previously paying under the limited-profit program, providing a buffer against sudden displacement or gentrification pressures.
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Who cares
Headline styles
Freeze Rents After Dissolution
Plain English, a few words. Used as the page title.
Sponsors
2 Multi-sponsors
History
- Referred to housing
- Referred to housing
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
887
2025-2026 Regular Sessions
IN ASSEMBLY (Prefiled)
January 8, 2025
Introduced by M. of A. ROSENTHAL, BENEDETTO, COOK, DINOWITZ, COLTON -- Multi-Sponsored by -- M. of A. GLICK, HEVESI -- read once and referred to the Committee on Housing
AN ACT to amend the private housing finance law, in relation to limited profit housing companies in a city with a population of one million or more
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The private housing finance law is amended by adding a new section 35-b to read as follows:
§ 35-b. Rent following dissolution. 1. As used in this section, the following terms shall have the following meanings:
(a) "Affected development" shall mean housing accommodations that (i) prior to the dissolution date were operated as a rental development pursuant to this article; and (ii) following the dissolution date are subject to the rent stabilization law of nineteen hundred sixty-nine or the emergency tenant protection act of nineteen seventy-four.
(b) "Affected dwelling unit" shall mean a housing unit in an affected development.
(c) "Affected housing company" shall mean a limited-profit housing company with an affected development.
(d) "Dissolution date" shall mean, with respect to any affected development, the date of dissolution or reconstitution of the affected housing company with such affected development pursuant to section thirtyfive of this article.
2. Notwithstanding the provisions of any general, special or local law: (a) the initial legal regulated rent for any affected dwelling unit on and after the dissolution date shall be the last rent authorized for the affected dwelling unit before the dissolution date, including rental surcharges, if any, and (b) such legal regulated rent shall not
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02973-01-5
at any time be subject to adjustment pursuant to subdivision a of section 26-513 of the administrative code of the city of New York, or subdivision a of section nine of the emergency tenant protection act of nineteen seventy-four.
§ 2. This act shall take effect immediately.
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.