senate Bill S3693

2019-2020 Legislative Session

Eliminates rent increase for major capital improvements

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Sponsored By

Current Bill Status - In Senate Committee 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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 12, 2019 referred to housing, construction and community development

Co-Sponsors

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S3693 (ACTIVE) - Details

See Assembly Version of this Bill:
A6322
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Emergency Housing Rent Control Law
Laws Affected:
Amd §§4 & 5, Emerg Hous Rent Cont L; amd §§6 & 10, Emerg Ten Prot Act of 1974; amd §§26-403.2, 26-405, 26-407, 26-511 & 26-512, NYC Ad Cd

S3693 (ACTIVE) - Summary

Eliminates rent increase for major capital improvements.

S3693 (ACTIVE) - Sponsor Memo

S3693 (ACTIVE) - Bill Text download pdf


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

                                  3693

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 12, 2019
                               ___________

Introduced  by Sen. GIANARIS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN  ACT  eliminating rent increases based on major capital improvements;
  to amend chapter 274 of the laws of 1946, constituting  the  emergency
  housing rent control law, the emergency tenant protection act of nine-
  teen seventy-four and the administrative code of the city of New York,
  in  relation  to  eliminating  rent increases to pay for major capital
  improvements

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative  findings  and  declaration of emergency. The
legislature hereby finds and declares that the serious public  emergency
which  led  to the enactment of the existing laws regulating residential
rents and evictions continues to exist. The  legislature  further  finds
that a majority of households currently occupying housing accommodations
subject  to  rent  laws  are  rent-burdened; that permanent increases in
rents are no longer necessary to incentivize rental property  owners  to
make,  or  to compensate landlords for, necessary major capital improve-
ments; that publicly funded  tax  incentives  and  other  subsidies  are
available  to  rental  property owners to support major capital improve-
ments; that value from major  capital  improvements  accrues  to  rental
property owners through increased property values and sale prices; that,
due  to  market  conditions  in  localities subject to rent laws, rental
property owners are already able to realize a reasonable return on their
investments in major capital  improvements  through  increased  property
values and sale prices alone; and that provisions for hardship increases
under  existing rent laws already ensure that rental property owners are
able to operate rent regulated housing without incurring  undue  losses.
The  legislature further declares and finds that a substantial number of
the rent increases previously granted  for  major  capital  improvements

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

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