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Senate Bill S1105

2023-2024 Legislative Session

Establishes certain criteria for the rent guidelines board to use for purposes of determining annual rent adjustments

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Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

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2023-S1105 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
New York City Administrative Code
Laws Affected:
Amd §26-510, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2021-2022: S3224
2025-2026: S2219

2023-S1105 (ACTIVE) - Summary

Establishes certain criteria for the rent guidelines board to use for purposes of determining annual rent adjustments.

2023-S1105 (ACTIVE) - Sponsor Memo

2023-S1105 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1105
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2023
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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, in
   relation to establishing certain  criteria  for  the  rent  guidelines
   board to use for purposes of determining annual rent adjustments
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 26-510 of the administrative code of  the  city  of
 New York is amended by adding a new subdivision b-1 to read as follows:
   B-1.  FOR  PURPOSES  OF  DETERMINING ANNUAL RENT ADJUSTMENTS, THE RENT
 GUIDELINES BOARD SHALL:
   1. INCLUDE IN ITS ASSESSMENT FOR RENT ADJUSTMENTS  PROPERTIES  OF  ALL
 SIZES;
   2.  CREATE  CATEGORIES  OF PROPERTY OWNERS THAT REFLECT SMALL, MEDIUM,
 AND LARGE PROPERTY OWNERS, WHERE THE SIZE OF THE PROPERTY OWNER MUST  BE
 DETERMINED  BY,  AND NOT LIMITED TO: (I) THE NUMBER OF TOTAL UNITS, BOTH
 RENT STABILIZED AND NON-RENT STABILIZED, PER OWNER; (II) GROSS RENT; AND
 (III) INCOME RECEIPTS;
   3. IDENTIFY AND PUBLISH THE DATA SOURCE USED TO DETERMINE RENT ADJUST-
 MENTS, INCLUDING, BUT NOT LIMITED  TO,  THE  REAL  PROPERTY  INCOME  AND
 EXPENSE FORM PROVIDED BY THE DEPARTMENT OF FINANCE; AND
   4.  FOR  THE  PURPOSES OF HARDSHIP RENT INCREASE, LIMIT ELIGIBILITY TO
 PROPERTY OWNERS WITH A MAXIMUM OF  TWENTY  UNITS,  INCLUDING  BOTH  RENT
 STABILIZED AND NON-RENT STABILIZED LOCATED IN NEW YORK CITY, AND PROHIB-
 IT  THE  AWARD OF HARDSHIP RENT INCREASES TO LIMITED LIABILITY COMPANIES
 AND OTHER LARGE REAL ESTATE INVESTORS AND COMPANIES.
   § 2. This act shall take effect immediately; provided that the  amend-
 ments  to  section  26-510 of the administrative code of the city of New
 York made by section one of this act shall not affect the expiration  of
 such section and shall be deemed to expire therewith.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03368-01-3

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