senate Bill S1493

2013-2014 Legislative Session

Requires the cost of major capital improvements to be recovered through a monthly surcharge on rents

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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

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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

Co-Sponsors

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S1493 - Details

See Assembly Version of this Bill:
A5373
Current Committee:
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

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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