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Assembly Bill A7224

2019-2020 Legislative Session

Provides for rents subject to the rent stabilization laws upon dissolution of certain types of housing companies

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Sponsored By

Archive: Last Bill Status - In Assembly Committee

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2019-A7224 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Add §35-a, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2443
2011-2012: A3600
2013-2014: A3019
2015-2016: A5019
2017-2018: A4685

2019-A7224 (ACTIVE) - Summary

Provides for rents subject to the rent stabilization laws upon dissolution of certain types of housing companies.

2019-A7224 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7224
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 15, 2019
                                ___________
 
 Introduced by M. of A. O'DONNELL -- Multi-Sponsored by -- M. of A. GLICK
   -- read once and referred to the Committee on Housing
 
 AN  ACT  to  amend  the private housing finance law, in relation to rent
   regulation after dissolution of a limited-profit housing company
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The private housing finance law is amended by adding a new
 section 35-a to read as follows:
   § 35-A. RENT FOLLOWING DISSOLUTION. 1. AS USED IN  THIS  SECTION,  THE
 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  "AFFECTED DEVELOPMENT" SHALL MEAN HOUSING ACCOMMODATIONS THAT (I)
 ARE LOCATED IN A CITY WITH A POPULATION OF ONE MILLION OR MORE; AND (II)
 PRIOR TO THE DISSOLUTION DATE WERE  OPERATED  AS  A  RENTAL  DEVELOPMENT
 PURSUANT TO THIS ARTICLE.
   (B)  "AFFECTED DWELLING UNIT" SHALL MEAN A HOUSING UNIT IN AN AFFECTED
 DEVELOPMENT.
   (C) "AFFECTED HOUSING COMPANY" SHALL  MEAN  A  LIMITED-PROFIT  HOUSING
 COMPANY WITH AN AFFECTED DEVELOPMENT.
   (D) "DISSOLUTION DATE" SHALL MEAN, WITH RESPECT TO ANY AFFECTED DEVEL-
 OPMENT,  THE DATE OF DISSOLUTION OR RECONSTITUTION OF THE AFFECTED HOUS-
 ING COMPANY WITH SUCH AFFECTED DEVELOPMENT  PURSUANT TO SECTION  THIRTY-
 FIVE OF THIS ARTICLE.
   2.  NOTWITHSTANDING  THE  PROVISIONS  OF ANY GENERAL, SPECIAL OR LOCAL
 LAW, (A) UPON DISSOLUTION, THE AFFECTED DEVELOPMENT SHALL BE SUBJECT  TO
 THE  RENT  STABILIZATION LAWS UNDER THE  EMERGENCY TENANT PROTECTION ACT
 OF NINETEEN SEVENTY-FOUR; (B) THE INITIAL LEGAL REGULATED RENT FOR   ANY
 AFFECTED  DWELLING  UNIT  ON AND AFTER THE DISSOLUTION DATE SHALL BE THE
 LAST RENT AUTHORIZED FOR  THE AFFECTED DWELLING UNIT BEFORE THE  DISSOL-
 UTION  DATE,  INCLUDING  RENTAL  SURCHARGES, IF ANY; AND (C)  SUCH LEGAL
 REGULATED RENT SHALL NOT AT ANY TIME BE SUBJECT TO  ADJUSTMENT  PURSUANT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11034-01-9

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