Bill > S05128

This bill amends the administrative code of the City of New York to modify the requirements for waivers of rent adjustments attributable to major capital improvements. The key provisions are: (1) Owners must file a declaration stating that they will waive the collection of the full amount of the rent adjustment equal to the total annual amount of the tax abatement benefits received for the major capital improvement, rather than just half of the rent adjustment. (2) The waiver requirement does not apply to substantial rehabilitations of vacant buildings or buildings rehabilitated with government assistance. (3) The waiver requirement only applies to alterations and improvements commenced after the effective date of this legislation.

Housing and Urban Affairs

https://assembly.state.ny.us/leg/?default_fld=&bn=S05128&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y