senate Bill S5040

2015-2016 Legislative Session

Relates to the establishment of rent adjustments; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development 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 06, 2016 referred to housing, construction and community development
Apr 29, 2015 referred to housing, construction and community development

Co-Sponsors

S5040 (ACTIVE) - Details

See Assembly Version of this Bill:
A398
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
New York City Administrative Code
Laws Affected:
Amd §26-405, rpld sub g ¶1 sub¶¶ (l) & (n), NYC Ad Cd; amd §4, Emerg Hous Rent Cont L
Versions Introduced in Other Legislative Sessions:
2013-2014: A7881
2017-2018: S6925, A268
2019-2020: S299, A167

S5040 (ACTIVE) - Summary

Relates to the establishment of rent adjustments.

S5040 (ACTIVE) - Sponsor Memo

S5040 (ACTIVE) - Bill Text download pdf

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

                                  5040

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             April 29, 2015
                               ___________

Introduced by Sen. ESPAILLAT -- 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  housing  rent control law, in relation to the establishment
  of rent adjustments; and repealing certain provisions of the  adminis-
  trative code of the city of New York relating thereto

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

  Section 1. Paragraph 5 of subdivision  a  of  section  26-405  of  the
administrative  code  of  the  city  of  New  York is amended to read as
follows:
  (5) Where a maximum rent established pursuant to this  chapter  on  or
after  January  first,  nineteen hundred seventy-two, is higher than the
previously existing maximum  rent,  the  landlord  may  not  collect  AN
INCREASE  FROM A TENANT IN OCCUPANCY IN ANY ONE YEAR PERIOD OF more than
THE LESSER OF EITHER seven  and  one-half  percentum  [increase  from  a
tenant in occupancy on such date in any one year period, provided howev-
er,  that  where]  OR  AN AVERAGE OF THE PREVIOUS FIVE YEARS OF ONE-YEAR
RENT INCREASES ON RENT STABILIZED APARTMENTS AS ESTABLISHED BY THE  RENT
GUIDELINES  BOARD,  PURSUANT  TO SUBDIVISION B OF SECTION 26-510 OF THIS
TITLE. IF the period for which the rent is established exceeds one year,
regardless of how the collection thereof is averaged over  such  period,
the  rent  the  landlord  shall  be entitled to receive during the first
twelve months shall not be increased by more than THE LESSER  OF  EITHER
seven and one-half percentum OR AN AVERAGE OF THE PREVIOUS FIVE YEARS OF
ONE-YEAR  RENT INCREASES ON RENT STABILIZED APARTMENTS AS ESTABLISHED BY
THE RENT GUIDELINES BOARD, PURSUANT TO SUBDIVISION B OF  SECTION  26-510
OF THIS TITLE, over the previous rent [and]. ANY additional annual rents
shall not exceed THE LESSER OF EITHER seven and one-half percentum OR AN
AVERAGE  OF  THE  PREVIOUS FIVE YEARS OF ONE-YEAR RENT INCREASES ON RENT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04218-01-5

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