Senate Bill S8079

                                
 
BILL NUMBER: S8079

SPONSOR: KAVANAGH
 
TITLE OF BILL:

An act to repeal paragraph 9 of subdivision a of section 26-405 of the
administrative code of the city of New York, in relation to public hear-
ings by the city rent agency

 
PURPOSE:

To eliminate the requirement that a public hearing be held to determine
the maximum base rent for rent-controlled dwellings in the city of New
York.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 of the bill repeals paragraph 9 of subdivision a of section
26-405 of the administrative code of the city of New York which requires
public hearings to collect information to consider in establishing maxi-
mum base rents.
              

Section 2 of the bill sets forth the effective date.

 
JUSTIFICATION:

The Housing Stability and Tenant Protection Act of 2019 changed the
manner in which maximum rent increases are determined for rent
controlled apartments. The HSTPA set increases at the average of the
five most recent Rent Guidelines Board (RGB) annual rent increases for
one-year renewals. Since the actual rent increases for rent controlled
apartments will generally be based on the RGB increases and not on the
maximum base rent calculations, public hearings to gather information
used to determine the MBR rate are no longer warranted.

 
LEGISLATIVE HI$TORY:

This is a new bill.

 
FISCAL IMPLICATIONS:  None.

 
EFFECTIVE DATE:
This act shall take effect immediately.