Bill > S03199

This bill requires property owners to maintain rent-regulated status for residential units under specific circumstances involving demolition, new construction, or substantial renovation. The legislation applies to rent-controlled and rent-stabilized housing in New York City, and mandates that property owners must recreate an equivalent number of regulated units with the same size and rent levels as the original units if the demolition or renovation occurs under four specific scenarios: (1) when a building permit is filed falsely claiming no tenants occupy the building, (2) when renovation is necessitated by the owner's negligence, (3) when renovation is required due to illegal code violations, or (4) when the renovation is part of an urban development corporation project. Additionally, the previous tenants will have the right of first refusal to occupy these new or renovated units. The bill amends three different pieces of housing legislation to ensure that property owners cannot circumvent existing tenant protections by demolishing or substantially renovating buildings, effectively preserving the affordable housing stock and protecting tenants from displacement. The provisions are designed to prevent property owners from exploiting loopholes to remove rent-regulated units from the housing market.

Budget and Finance, Government Affairs, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S3199