S T A T E O F N E W Y O R K
________________________________________________________________________
9785
I N A S S E M B L Y
May 22, 2014
___________
Introduced by M. of A. MAYER, WRIGHT, ABINANTI, CAMARA, GOTTFRIED, HOOP-
ER, JAFFEE, JACOBS, KAVANAGH, MOSLEY, O'DONNELL, OTIS, PRETLOW,
RIVERA, ROZIC, SOLAGES -- Multi-Sponsored by -- M. of A. ARROYO,
BUCHWALD, WEISENBERG -- read once and referred to the Committee on
Housing
AN ACT to amend chapter 576 of the laws of 1974 constituting the emer-
gency tenant protection act, in relation to capping the amount of
collectible rent increases due to major capital improvements at six
percent of the legal regulated rent
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 3 of subdivision d of section 6 of section 4 of
chapter 576 of the laws of 1974, constituting the emergency tenant
protection act of nineteen seventy-four, as amended by chapter 749 of
the laws of 1990, is amended to read as follows:
(3) there has been since January first, nineteen hundred seventy-four
a major capital improvement required for the operation, preservation or
maintenance of the structure. An adjustment under this paragraph shall
be in an amount sufficient to amortize the cost of the improvements
pursuant to this paragraph over a seven-year period; PROVIDED THAT THE
COLLECTIBLE INCREASE IN RENT ATTRIBUTABLE TO AN ADJUSTMENT UNDER THIS
PARAGRAPH SHALL NOT EXCEED SIX PERCENT OF THE LEGAL REGULATED RENT
REGISTERED PURSUANT TO SECTION TWELVE-A OF THIS ACT, or
S 2. This act shall take effect immediately; provided, however, that
the amendment to section 4 of the emergency tenant protection act of
nineteen seventy-four made by section one of this act shall expire on
the same date as such act expires and shall not affect the expiration of
such act as provided in section 17 of chapter 576 of the laws of 1974,
as amended.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13366-02-4
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