Bill > A02390

This bill aims to address rental concessions in rent-stabilized apartments by requiring landlords to report the full financial details of these concessions to the Division of Housing and Community Renewal. Specifically, the bill defines "concessions" broadly as any temporary lease adjustments intended to attract or retain tenants, such as rebates, discounts, waivers, or free services. The legislation mandates that annual rent registration statements must now include detailed information about these concessions and require landlords to report the "net effective rent" - defined as the average monthly rent a tenant actually pays over their lease term, including all discounts and incentives. The goal is to prevent landlords from reporting artificially high rental rates while offering significant behind-the-scenes discounts, which the legislature believes undermines the transparency and intent of existing rent stabilization laws. By requiring a more comprehensive and accurate reporting of actual rental costs, the bill seeks to provide more transparent information about rental pricing and ensure that reported rents truly reflect what tenants are paying. The bill will apply to both statewide emergency tenant protection regulations and New York City's administrative code, with provisions taking effect immediately.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A2390