Bill > S01255

This bill eliminates rent increases based on major capital improvements to residential rental properties in New York. The key provisions are: 1. The Division of Housing and Community Renewal will no longer grant rent increases for major capital improvements and must deny any pending applications. 2. Any rent increases for major capital improvements that became effective within the last 7 years will be repealed, unless the building owner can demonstrate the new legal rent would not provide a sufficient annual gross income to cover operating expenses. 3. The bill amends various state and New York City rent laws to remove provisions allowing rent increases for major capital improvements. This includes eliminating the temporary 2% annual increases that were previously permitted for these improvements. 4. The bill provides a process for the Division to determine new legal rents for affected housing units and requires owners to refund any excess security deposits collected due to the rent increases. Overall, the bill aims to eliminate rent hikes that were seen as unfairly burdening tenants and profiting landlords, while still allowing owners to recover operating costs and a reasonable return on their investments.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2021/S1255