Bill Text: NY A09785 | 2013-2014 | General Assembly | Introduced

New York Assembly Bill 9785 (Prior Session Legislation)

Introduced

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 20-0)

Status: (Introduced - Dead) 2014-05-22 - referred to housing [A09785 Detail]

Download: New_York-2013-A09785-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9785
                                 I N  A S S E M B L Y
                                     May 22, 2014
                                      ___________
       Introduced by M. of A. MAYER, WRIGHT, ABINANTI, CAMARA, GOTTFRIED, HOOP-
         ER,  JAFFEE,  JACOBS,  KAVANAGH,  MOSLEY,  O'DONNELL,  OTIS,  PRETLOW,
         RIVERA, ROZIC, SOLAGES -- Multi-Sponsored  by  --  M.  of  A.  ARROYO,
         BUCHWALD,  WEISENBERG  --  read  once and referred to the Committee on
         Housing
       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; PROVIDED THAT THE
   10  COLLECTIBLE INCREASE IN RENT ATTRIBUTABLE TO AN  ADJUSTMENT  UNDER  THIS
   11  PARAGRAPH  SHALL  NOT  EXCEED  SIX  PERCENT  OF THE LEGAL REGULATED RENT
   12  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.
                                                                  LBD13366-02-4