Bill > A02352

This bill eliminates rent increases based on major capital improvements for buildings subject to rent regulation or rent stabilization. The key provisions are: - The Division of Housing and Community Renewal (DHCR) will no longer grant rent increases for major capital improvements and will deny any pending applications. - DHCR will repeal any rent increases for major capital improvements that became effective within the previous 7 years, unless the owner can show the proposed new legal rent is not sufficient to enable the owner to maintain a 5% gross rent income over operating expenses. - Owners have 90 days to apply for a limitation on the repeal amount if the proposed new legal rent is not sufficient. - Tenants can assert the repeal of prior rent increases as a defense against claims of rent default. - The new legal rent becomes effective upon DHCR's final order determining the new legal rent. The bill aims to eliminate rent increases for major capital improvements, which the legislature finds have led to unjust, unreasonable and oppressive rents, as well as profiteering and tenant dislocation.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2021/A2352