Bill > S09694

This bill increases the penalties for owners of rent-regulated properties who overcharge tenants by raising the penalty from three times the amount of the overcharge to five times the amount of the overcharge. This change applies to violations found by the State Division of Housing and Community Renewal (DHCR), which is the government agency responsible for overseeing rent regulation. The bill amends both the Emergency Tenant Protection Act of 1974 and the Administrative Code of the City of New York to reflect this increased penalty, ensuring that owners who willfully collect rent above the legally allowed amount, known as rent overcharges, face a more significant financial consequence. The bill takes effect immediately, with a specific provision that the amendments to the New York City Administrative Code will expire on the same date as that law.