Assembly Bill A7348

2017-2018 Legislative Session

Provides an alternative hardship allowance based on 8 1/2% of assessed value

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A7348 (ACTIVE) - Details

Current Committee:
Assembly Housing
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
Versions Introduced in Other Legislative Sessions:
2009-2010: A4231
2011-2012: A2569
2013-2014: A3197
2015-2016: A3097
2019-2020: A6118
2021-2022: A5634
2023-2024: A4680

2017-A7348 (ACTIVE) - Summary

Provides for an alternative hardship allowance for landlords in New York city rent controlled apartments which allows a hardship rent increase where a building's annual net income is less than 8.5 percent of the equalized assessed value.

2017-A7348 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7348
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 24, 2017
                                ___________
 
 Introduced  by  M.  of  A.  FITZPATRICK -- read once and referred to the
   Committee on Housing
 
 AN ACT to amend the administrative code of the city of New York and  the
   emergency  tenant protection act of nineteen seventy-four, in relation
   to providing an alternative hardship allowance

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The opening paragraph of subparagraph (a) of paragraph 1 of
 subdivision  g  of section 26-405 of the administrative code of the city
 of New York is amended to read as follows:
   The rental income from a property yields a net annual return  of  less
 than [six] EIGHT AND ONE-HALF per centum of the valuation of the proper-
 ty.
   § 2. Subdivision c of section 26-511 of the administrative code of the
 city  of  New  York  is amended by adding a new paragraph 6-b to read as
 follows:
   (6-B) PROVIDES CRITERIA WHEREBY AS  AN  ALTERNATIVE  TO  THE  HARDSHIP
 APPLICATION  PROVIDED  UNDER  PARAGRAPH  SIX  OR PARAGRAPH SIX-A OF THIS
 SUBDIVISION OWNERS OF BUILDINGS ACQUIRED BY THE SAME OWNER OR A  RELATED
 ENTITY  OWNED  BY  THE  SAME PRINCIPALS THREE YEARS PRIOR TO THE DATE OF
 APPLICATION MAY APPLY TO THE STATE DIVISION  OF  HOUSING  AND  COMMUNITY
 RENEWAL  FOR  INCREASES  IN  EXCESS OF THE LEVEL OF APPLICABLE GUIDELINE
 INCREASES ESTABLISHED UNDER THIS LAW BASED ON A FINDING BY  THE  COMMIS-
 SIONER  OF  HOUSING  AND COMMUNITY RENEWAL THAT SUCH GUIDELINE INCREASES
 ARE NOT SUFFICIENT TO ENABLE THE OWNER TO MAINTAIN A NET  ANNUAL  RETURN
 OF EIGHT AND ONE-HALF PER CENTUM OF THE VALUATION OF THE PROPERTY.  SUCH
 VALUATION SHALL BE THE CURRENT ASSESSED VALUATION, WHICH IS IN EFFECT AT
 THE  TIME  OF THE FILING OF THE APPLICATION FOR AN ADJUSTMENT UNDER THIS
 PARAGRAPH PROPERLY ADJUSTED BY APPLYING THERETO  THE  RATIO  WHICH  SUCH
 ASSESSED  VALUATION  BEARS  TO  THE  FULL VALUATION AS DETERMINED BY THE
 COMMISSIONER OF TAXATION AND FINANCE.  NET ANNUAL RETURN  SHALL  BE  THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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