senate Bill S1298

2011-2012 Legislative Session

Relates to alternative hardship applications for properties subject to the rent stabilization code

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Sponsored By

Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to housing, construction and community development
Jan 06, 2011 referred to housing, construction and community development

S1298 - Details

See Assembly Version of this Bill:
A2881
Current Committee:
Law Section:
New York City Administrative Code
Laws Affected:
Amd §26-511, NYC Ad Cd; amd §6, Emerg Ten Prot Act of 1974
Versions Introduced in 2009-2010 Legislative Session:
S7079, A8668

S1298 - Summary

Relates to alternative hardship applications for properties subject to the rent stabilization code.

S1298 - Sponsor Memo

S1298 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1298

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             January 6, 2011
                               ___________

Introduced  by  Sen.  DUANE  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN  ACT to amend the administrative code of the city of New York and the
  emergency tenant protection act of nineteen seventy-four, in  relation
  to hardship applications

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph 6-a of subdivision c of  section  26-511  of  the
administrative  code  of  the  city  of  New  York is amended to read as
follows:
  (6-a) provides criteria whereby as  an  alternative  to  the  hardship
application  provided  under paragraph six of this subdivision owners of
buildings acquired by the same owner or a related entity  owned  by  the
same  principals  [three] SIX years prior to the date of application may
apply to the division for increases in excess of the level of applicable
guideline increases established under this law based on a finding by the
commissioner that such guideline increases are not sufficient to  enable
the  owner  to  maintain  an  annual gross rent income for such building
which exceeds the annual operating expenses of such building  by  a  sum
equal  to  at least five percent of such gross rent. For the purposes of
this paragraph, operating expenses shall consist of the actual,  reason-
able,  costs  of  fuel,  labor,  utilities,  taxes, other than income or
corporate franchise taxes, fees, permits, necessary contracted  services
and  non-capital repairs, insurance, parts and supplies, management fees
and other administrative costs and mortgage interest. For  the  purposes
of this paragraph, mortgage interest shall be deemed to mean interest on
a  bona  fide mortgage including an allocable portion of charges related
thereto. Criteria to be considered in determining a bona  fide  mortgage
other  than  an  institutional  mortgage shall include; condition of the
property, location of the property, the existing mortgage market at  the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01026-01-1

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