Bill Text: NY S07038 | 2013-2014 | General Assembly | Introduced

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Bill Title: Caps the amount of collectible rent increases due to major capital improvements at six percent of the legal regulated rent.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-04-21 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S07038 Detail]

Download: New_York-2013-S07038-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7038
                                   I N  S E N A T E
                                    April 21, 2014
                                      ___________
       Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when
         printed  to be committed to the Committee on Housing, Construction and
         Community Development
       AN ACT to amend chapter 576 of the laws of 1974 constituting  the  emer-
         gency  tenant  protection  act,  in  relation to capping the amount of
         collectible rent increases due to major capital  improvements  at  six
         percent of the legal regulated rent
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph 3 of subdivision d of section 6 of section  4  of
    2  chapter  576  of  the  laws  of  1974, constituting the emergency tenant
    3  protection act of nineteen seventy-four, as amended by  chapter  749  of
    4  the laws of 1990, is amended to read as follows:
    5    (3)  there has been since January first, nineteen hundred seventy-four
    6  a major capital improvement required for the operation, preservation  or
    7  maintenance  of  the structure. An adjustment under this paragraph shall
    8  be in an amount sufficient to amortize  the  cost  of  the  improvements
    9  pursuant  to this paragraph over a seven-year period OR LONGER; PROVIDED
   10  THAT THE COLLECTIBLE INCREASE IN  RENT  ATTRIBUTABLE  TO  AN  ADJUSTMENT
   11  UNDER THIS PARAGRAPH SHALL NOT EXCEED SIX PERCENT OF THE LEGAL REGULATED
   12  RENT REGISTERED PURSUANT TO SECTION TWELVE-A OF THIS ACT, or
   13    S  2.  This act shall take effect immediately; provided, however, that
   14  the amendment to section 4 of the emergency  tenant  protection  act  of
   15  nineteen  seventy-four  made  by section one of this act shall expire on
   16  the same date as such act expires and shall not affect the expiration of
   17  such act as provided in section 17 of chapter 576 of the laws  of  1974,
   18  as amended.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13366-01-3