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Assembly Bill A5039

2017-2018 Legislative Session

Reduces the amount of maximum rent increase collectible in one year

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Archive: Last Bill Status - In Assembly Committee

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2017-A5039 (ACTIVE) - Details

See Senate Version of this Bill:
S3715
Current Committee:
Assembly Rules
Law Section:
New York City Administrative Code
Laws Affected:
Amd §26-405, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2009-2010: S6138
2011-2012: S903
2013-2014: S3171
2015-2016: A7324, S2853
2019-2020: A6409

2017-A5039 (ACTIVE) - Summary

Reduces the amount of maximum rent increase collectible in one year.

2017-A5039 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5039
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 6, 2017
                                ___________
 
 Introduced  by  M.  of  A.  O'DONNELL  --  read once and referred to the
   Committee on Housing
 
 AN ACT to amend the administrative code of the  city  of  New  York,  in
   relation  to  reducing the amount of maximum rent increase collectible
   in one year
 
   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 more than
 [seven  and  one-half percentum] THREE PERCENT increase from a tenant in
 occupancy on such date in any one year period,  provided  however,  that
 where  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  [seven  and  one-half
 percentum]  THREE  PERCENT  over the previous rent and additional annual
 rents shall not exceed [seven and one-half percentum] THREE  PERCENT  of
 the rent paid during the previous year. Notwithstanding any of the fore-
 going  limitations  in  this  paragraph  five,  maximum  rent  shall  be
 increased if ordered by the agency pursuant to subparagraphs  (d),  (e),
 (f), (g), (h), (i), (k), (l), (m) or (n) of paragraph one of subdivision
 g  of  this  section. Commencing January first, nineteen hundred eighty,
 rent adjustments pursuant to subparagraph (n) of paragraph one of subdi-
 vision g of this section shall be excluded from the  maximum  rent  when
 computing  the  [seven  and  one-half  percentum] THREE PERCENT increase
 authorized by this paragraph five.  Where  a  housing  accommodation  is
 vacant on January first, nineteen hundred seventy-two, or becomes vacant
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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