senate Bill S1255

2021-2022 Legislative Session

Eliminates rent increase for major capital improvements

download bill text pdf

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
Jan 08, 2021 referred to housing, construction and community development

Co-Sponsors

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S1255 (ACTIVE) - Details

See Assembly Version of this Bill:
A2352
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Emergency Housing Rent Control Law
Laws Affected:
Amd §4, Emerg Hous Rent Cont L; amd §6, Emerg Ten Prot Act of 1974; amd §§26-405, 26-407 & 26-511, NYC Ad Cd
Versions Introduced in 2019-2020 Legislative Session:
S3693, A6322

S1255 (ACTIVE) - Summary

Eliminates rent increase for major capital improvements.

S1255 (ACTIVE) - Sponsor Memo

S1255 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1255
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              January 8, 2021
                                ___________
 
 Introduced  by Sens. GIANARIS, BAILEY, BIAGGI, BRESLIN, GOUNARDES, HOYL-
   MAN, JACKSON, LIU, MYRIE, PARKER,  RAMOS,  RIVERA,  SALAZAR,  SANDERS,
   SEPULVEDA,  SERRANO,  STAVISKY  -- 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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