Bill > S08319

This bill enacts the New York City Small Business Rent Stabilization Act, which introduces a commercial rent control system for the city of New York. The legislation creates a nine-member Commercial Rent Guidelines Board appointed by the mayor, consisting of representatives from commercial tenants, landlords, and public members with expertise in finance, economics, and community development. The board will establish annual guidelines for rent adjustments, considering factors such as economic conditions, market values, and socioeconomic changes in different community districts. Under the new law, commercial leases will be subject to rent stabilization, with initial rents based on the rent charged 60 days prior to the law's effective date. Landlords will be required to register commercial spaces and pay an annual fee, and tenants will have the right to lease renewals for a minimum of ten years. The bill also provides protections against tenant harassment, with potential penalties for landlords who engage in such practices. Landlords can only refuse to renew a lease under specific circumstances, such as persistent rent payment delays, illegal activities, or substantial breaches of lease terms. The law aims to provide stability and predictability for small businesses by controlling rent increases and ensuring fair lease renewal practices.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S8319