Bill > A01773

This bill modifies rent adjustment rules for major capital improvements (MCIs) in New York City rental properties. Specifically, landlords can only receive a rent adjustment for a major capital improvement if they first apply for and receive benefits under section 11-243 of the city code, though they can still be eligible if denied benefits for reasons unrelated to an improper application. The bill maintains existing provisions that limit MCI rent increases to two percent per year and require increases to be amortized over twelve or twelve-and-a-half years depending on the building's size. Landlords can collect these increases prospectively starting 60 days after notifying tenants, and the increases will be removed from the legal regulated rent after 30 years. The bill also clarifies language around tenant notifications, ensuring tenants receive clear information about potential rent increases and have 60 days to respond to MCI increase proceedings. The changes apply to buildings that commence MCI work 45 days or later after the bill's effective date, and the provisions are tied to the continued existence of the public emergency housing rent control regulations.