senate Bill S4312

2017-2018 Legislative Session

In relation to approval of major capital improvement rent increases and extending the length of time over which major capital improvement expenses may be recovered

download bill text pdf

Sponsored By

Current Bill Status - In Senate 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 03, 2018 referred to housing, construction and community development
Feb 08, 2017 referred to housing, construction and community development

Sponsor's Position

Abuse of major capital improvement rent increases causes unjustified hardship for too many tenants.

Co-Sponsors

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S4312 - Details

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 2015-2016 Legislative Session:
S4423A

S4312 - Summary

Relates to approval of major capital improvement rent increases and extending the length of time over which major capital improvement expenses may be recovered.

S4312 - Sponsor Memo

S4312 - Bill Text download pdf

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

                                  4312

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 8, 2017
                               ___________

Introduced  by  Sens. KRUEGER, HAMILTON, HOYLMAN, MONTGOMERY, SERRANO --
  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 approval of major  capi-
  tal improvement rent increases and 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
section 31 of part A of chapter 20 of the laws of 2015,  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)
for any order of the commissioner issued after the effective date of the
rent  act  of 2015 shall be in an amount sufficient to amortize the cost
of the improvements pursuant to this subparagraph (g) over an eight-year
period for buildings with thirty-five or fewer  units  or  a  nine  year
period  for  buildings  with more than thiry-five units,]; PROVIDED THAT
THE COMMISSIONER FIRST FINDS THAT SUCH IMPROVEMENTS ARE DEEMED DEPRECIA-
BLE UNDER THE INTERNAL REVENUE CODE AND SUCH IMPROVEMENTS  ARE  REQUIRED
FOR  THE  OPERATION  OR PRESERVATION OF THE STRUCTURE. HOWEVER, NO MAJOR
CAPITAL IMPROVEMENT RENT INCREASE WILL BE APPROVED BY  THE  DIVISION  OF
HOUSING  AND  COMMUNITY RENEWAL UNLESS THE WORK PERFORMED IS AN ENHANCE-
MENT OR UPGRADE TO A HOUSING ACCOMMODATION OR SERVICE THEREIN; OR IS  AN

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02935-01-7

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