Bill > S02219

This bill establishes new guidelines for the Rent Guidelines Board (RGB) in New York City when determining annual rent adjustments for rent-stabilized properties. Specifically, the bill requires the RGB to assess properties of all sizes, create distinct categories of property owners based on factors like total units, gross rent, and income receipts, and publicly disclose the data sources used for rent adjustment calculations. A key provision limits hardship rent increases to property owners with a maximum of twenty units, effectively excluding large real estate investors, limited liability companies, and other large property companies from obtaining these increases. The new requirements aim to create a more nuanced and transparent approach to rent adjustments by considering the diverse landscape of property ownership and ensuring that smaller property owners are not disadvantaged in the process. The bill will take effect immediately but is set to expire simultaneously with the existing section of the administrative code it amends.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S2219