Bill > A01496

This bill modifies existing regulations regarding rent adjustments for major capital improvements (MCIs) in New York City by changing the language around rent waivers. Currently, property owners receiving tax abatement benefits for significant building improvements must waive a portion of potential rent increases, and this bill removes the specification of waiving "one-half" of the rent adjustment, instead requiring owners to waive the full amount of the tax abatement benefits received. The bill maintains that owners must file a declaration with the Department of Housing Preservation and Development and the Division of Housing and Community Renewal stating their agreement to waive these rent increases. After the tax abatement period expires, property owners can then collect the full amount of rent permitted by the rent adjustment. The bill also clarifies some language, such as replacing "his or her" with "such owner's" when referring to the property owner. The modifications do not apply to substantially rehabilitated vacant buildings or those rehabilitated with significant city, state, or federal subsidies, and will only affect improvements commenced after the bill's effective date.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A1496