|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to housing, construction and community development|
|Jan 09, 2013||referred to housing, construction and community development|
senate Bill S1493
Archive: Last Bill Status -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1493 - Details
- See Assembly Version of this Bill:
- Law Section:
- New York City Administrative Code
- Laws Affected:
- Amd §§26-405 & 26-511, NYC Ad Cd; amd §6, Emerg Ten Prot Act of 1974; amd §4, Emerg Hous Rent Cont L
- Versions Introduced in Previous Legislative Sessions:
2011-2012: S523A, A2459A
2009-2010: S745A, A1928
S1493 - Summary
Establishes a methodology for determining major capital improvements (MCI) rent surcharges; provides that such MCI shall be calculated as a rent surcharge and shall not become part of the base legal regulated rent by which rent increases are calculated, and requires the amount thereof to be separately designated and billed as such; codifies current practices regarding the annual 6% cap on MCI increases and the methodology for determining MCI surcharges based on the number of rooms; requires that rent surcharges authorized for major capital improvements shall cease when the cost of the improvement has been recovered.
S1493 - Sponsor Memo
BILL NUMBER:S1493 TITLE OF BILL: An act to amend the administrative code of the city of New York, the emergency tenant protection act of nineteen seventy-four and the emergency housing rent control law, in relation to extending the length of time over which major capital improvement expenses may be recovered PURPOSE OR GENERAL IDEA OF THE BILL: Expenses for major capital improvements in rental housing are currently recovered over seven years in calculating the permissible monthly rent increase. This bill codifies the MCI as a surcharge to the legal regulated rent which is separately designated and billed as such and mandates that the authorized surcharge for MCI's ceases after the cost of the improvement is recouped. SUMMARY OF SPECIFIC PROVISIONS: Establishes a methodology fox determining MCI rent surcharges based on seven years. MCI's are calculated as a rent surcharge and do not become part of the base legal regulated rent by which rent increases are calculated, and are separately designated and billed as such. The legislation also codifies current practices regarding the annual 64 cap on MCI increases and the methodology for determining MCI
S1493 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1493 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sens. KRUEGER, AVELLA, HASSELL-THOMPSON, HOYLMAN, MONTGOM- ERY, PERALTA, PERKINS, SERRANO, STAVISKY, STEWART-COUSINS -- 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, the emergency tenant protection act of nineteen seventy-four and the emer- gency housing rent control law, in relation to extending the length of time over which major capital improvement expenses may be recovered THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (g) of paragraph 1 of subdivision g of section 26-405 of the administrative code of the city of New York, as amended by chapter 749 of the laws of 1990, is amended to read as follows: (g) (I) COLLECTION OF SURCHARGES TO THE MAXIMUM RENT AUTHORIZED PURSU- ANT TO ITEM (II) OF THIS SUBPARAGRAPH SHALL CEASE WHEN THE OWNER HAS RECOVERED THE COST OF THE MAJOR CAPITAL IMPROVEMENT; (II) There has been since July first, nineteen hundred seventy, a major capital improvement [required for the operation, preservation or maintenance of the structure. An adjustment under this subparagraph (g) shall be in an amount sufficient to amortize the cost of the improve- ments pursuant to this subparagraph (g) over a seven-year period]; PROVIDED THAT THE COMMISSIONER FINDS THAT SUCH IMPROVEMENTS ARE DEEMED DEPRECIABLE UNDER THE INTERNAL REVENUE CODE AND SUCH IMPROVEMENTS ARE REQUIRED FOR THE OPERATION, PRESERVATION OR MAINTENANCE OF THE STRUC- TURE. THE INCREASE PERMITTED FOR SUCH CAPITAL IMPROVEMENT SHALL BE COLLECTED AS A MONTHLY SURCHARGE TO THE MAXIMUM RENT. IT SHALL BE SEPA- RATELY DESIGNATED AND BILLED AS SUCH AND SHALL NOT BE COMPOUNDED BY ANY OTHER ADJUSTMENT TO THE MAXIMUM RENT. THE SURCHARGE ALLOCABLE TO EACH APARTMENT SHALL BE AN AMOUNT EQUAL TO THE COST OF THE IMPROVEMENT DIVIDED BY EIGHTY-FOUR, DIVIDED BY THE NUMBER OF ROOMS IN THE BUILDING, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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