Bill > A01414

This bill amends the Private Housing Finance Law to clarify rent-setting procedures for rehabilitated, newly constructed, or converted multiple dwelling units that receive participation loans. Specifically, the bill modifies how rents are determined for properties that were previously subject to rent control, rent stabilization, or emergency housing rent control laws. Under the new provisions, when an existing multiple dwelling that was previously under rent control or rent stabilization is rehabilitated, the adjusted rents must be established according to the existing rent control or rent stabilization regulations. This means that for such properties, rents will be determined by the specific rent control or stabilization rules that were already in place, rather than being set entirely at the discretion of the agency providing the participation loan. The bill also maintains that in New York City, where the city or the New York City Housing Development Corporation has participated in the loan, the dwelling units will be subject to the Rent Stabilization Law of 1969, with existing tenants offered a two-year lease at the initial rent set by the agency.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A1414