Senate Bill S7125

2017-2018 Legislative Session

Relates to alternative hardship applications for properties subject to the rent stabilization code

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development 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-S7125 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
New York City Administrative Code
Laws Affected:
Amd §26-511, NYC Ad Cd; amd §6, Emerg Ten Prot Act of 1974
Versions Introduced in Other Legislative Sessions:
2009-2010: S3134
2011-2012: S3645
2013-2014: S1850
2015-2016: S513
2019-2020: S963, S3382, S4644, S6721
2021-2022: S2840, S5863

2017-S7125 (ACTIVE) - Summary

Relates to alternative hardship applications for properties subject to the rent stabilization code.

2017-S7125 (ACTIVE) - Sponsor Memo

2017-S7125 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7125
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 3, 2018
                                ___________
 
 Introduced  by Sen. KAVANAGH -- 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 tenant protection act of nineteen seventy-four, in  relation
   to hardship applications

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 6-a of subdivision c of  section  26-511  of  the
 administrative  code  of  the  city  of  New  York is amended to read as
 follows:
   (6-a) provides criteria whereby as  an  alternative  to  the  hardship
 application  provided  under paragraph six of this subdivision owners of
 buildings acquired by the same owner or a related entity  owned  by  the
 same  principals  [three] SIX years prior to the date of application may
 apply to the division for increases in excess of the level of applicable
 guideline increases established under this law based on a finding by the
 commissioner that such guideline increases are not sufficient to  enable
 the  owner  to  maintain  an  annual gross rent income for such building
 which exceeds the annual operating expenses of such building  by  a  sum
 equal  to  at least five percent of such gross rent. For the purposes of
 this paragraph, operating expenses shall consist of the actual,  reason-
 able,  costs  of  fuel,  labor,  utilities,  taxes, other than income or
 corporate franchise taxes, fees, permits, necessary contracted  services
 and  non-capital repairs, insurance, parts and supplies, management fees
 and other administrative costs and mortgage interest. For  the  purposes
 of this paragraph, mortgage interest shall be deemed to mean interest on
 a  bona  fide mortgage including an allocable portion of charges related
 thereto. Criteria to be considered in determining a bona  fide  mortgage
 other  than  an  institutional  mortgage shall include; condition of the
 property, location of the property, the existing mortgage market at  the
 time  the mortgage is placed, the term of the mortgage, the amortization
 rate, the principal amount of the mortgage, security and other terms and
 
              

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