Bill > H5264

This bill introduces a comprehensive rent stabilization act that limits rent increases to no more than 4% annually for private rental tenancies. During the first year of a tenancy, landlords cannot increase rent, and thereafter must provide written notice specifying the rent increase amount and supporting details. Landlords are prohibited from resetting rent by more than 4% when terminating a tenancy without cause or refusing to extend a lease. Exemptions to the 4% limit exist in specific situations, such as when a tenant voluntarily leaves, the rental is part of a subsidized housing program, or the secretary of housing grants an exemption based on necessary repairs, safety improvements, or significant increases in municipal taxes or insurance. If a landlord violates these provisions or wrongfully evicts a tenant, they can be liable for damages equal to three months' rent, and tenants may also be awarded attorneys' fees and potentially punitive damages if the landlord's actions are found to be malicious or reckless. Tenants must file any claims within one year of discovering a violation, and the secretary of housing is tasked with enforcing these new regulations. The act takes effect immediately upon passage.

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