Bill Text: NY A07224 | 2019-2020 | General Assembly | Introduced
Bill Title: Provides for rents subject to the rent stabilization laws upon dissolution of certain types of housing companies.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2020-01-08 - referred to housing [A07224 Detail]
Download: New_York-2019-A07224-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7224 2019-2020 Regular Sessions IN ASSEMBLY 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: 1 Section 1. The private housing finance law is amended by adding a new 2 section 35-a to read as follows: 3 § 35-a. Rent following dissolution. 1. As used in this section, the 4 following terms shall have the following meanings: 5 (a) "Affected development" shall mean housing accommodations that (i) 6 are located in a city with a population of one million or more; and (ii) 7 prior to the dissolution date were operated as a rental development 8 pursuant to this article. 9 (b) "Affected dwelling unit" shall mean a housing unit in an affected 10 development. 11 (c) "Affected housing company" shall mean a limited-profit housing 12 company with an affected development. 13 (d) "Dissolution date" shall mean, with respect to any affected devel- 14 opment, the date of dissolution or reconstitution of the affected hous- 15 ing company with such affected development pursuant to section thirty- 16 five of this article. 17 2. Notwithstanding the provisions of any general, special or local 18 law, (a) upon dissolution, the affected development shall be subject to 19 the rent stabilization laws under the emergency tenant protection act 20 of nineteen seventy-four; (b) the initial legal regulated rent for any 21 affected dwelling unit on and after the dissolution date shall be the 22 last rent authorized for the affected dwelling unit before the dissol- 23 ution date, including rental surcharges, if any; and (c) such legal 24 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. LBD11034-01-9A. 7224 2 1 to subdivision a of section 26-513 of the administrative code of the 2 city of New York. 3 § 2. This act shall take effect immediately and shall apply to any 4 affected development with a dissolution date on or after such effective 5 date.