Bill
Bill > A05172
NY A05172
Relates to waivers of rent adjustments attributable to major capital improvements.
summary
Introduced
02/07/2019
02/07/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
AN ACT to amend the administrative code of the city of New York, in relation to waivers of rent adjustments The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1
AI Summary
This bill amends the Administrative Code of the City of New York to modify the requirements for rent adjustments attributable to major capital improvements. It allows owners to waive the collection of the full rent adjustment and only collect a portion equal to the tax abatement benefits received. This waiver applies to all tax abatement applications, except for substantial rehabilitations of vacant buildings or buildings rehabilitated with significant government subsidies. The bill also specifies that the provisions apply only to alterations and improvements commenced after the effective date.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
referred to housing (on 01/08/2020)
Official Document
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