Bill > S06452

This bill requires landlords of rent-stabilized apartments to report more transparent and comprehensive information about rent concessions to the Division of Housing and Community Renewal (DHCR). Specifically, the bill mandates that annual rent registration statements must now include detailed information about any concessions offered to tenants, such as temporary lease adjustments designed to attract or retain tenants. These concessions can include rebates, discounts, waivers, money payments, or even physical goods and services. The bill defines "net effective rent" as the average monthly rent actually paid by a tenant over the duration of their lease, which must now be the amount reported to DHCR, rather than a potentially higher nominal rent. The legislative intent is to prevent landlords from artificially inflating reported rents by not accounting for concessions, which the bill argues undermines the purpose of rent stabilization laws. By requiring landlords to report the true, net effective rent, the bill aims to create more transparency in the rental market and ensure that rent stabilization regulations are applied more accurately. The changes will apply to both New York State and New York City rent stabilization regulations, and the act takes effect immediately.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S6452