Senate Bill S7038

2013-2014 Legislative Session

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

download bill text pdf

Sponsored By

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

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-S7038 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Emergency Tenant Protection Act of 1974
Laws Affected:
Amd ยง6, Emerg Ten Prot Act of 1974

2013-S7038 (ACTIVE) - Summary

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

2013-S7038 (ACTIVE) - Sponsor Memo

2013-S7038 (ACTIVE) - Bill Text download pdf 

                            
                    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:

  Section 1. Paragraph 3 of subdivision d of section 6 of section  4  of
chapter  576  of  the  laws  of  1974, constituting the emergency tenant
protection act of nineteen seventy-four, as amended by  chapter  749  of
the laws of 1990, is amended to read as follows:
  (3)  there has been since January first, nineteen hundred seventy-four
a major capital improvement required for the operation, preservation  or
maintenance  of  the structure. An adjustment under this paragraph shall
be in an amount sufficient to amortize  the  cost  of  the  improvements
pursuant  to this paragraph over a seven-year period OR LONGER; PROVIDED
THAT THE COLLECTIBLE INCREASE IN  RENT  ATTRIBUTABLE  TO  AN  ADJUSTMENT
UNDER THIS PARAGRAPH SHALL NOT EXCEED SIX PERCENT OF THE LEGAL REGULATED
RENT REGISTERED PURSUANT TO SECTION TWELVE-A OF THIS ACT, or
  S  2.  This act shall take effect immediately; provided, however, that
the amendment to section 4 of the emergency  tenant  protection  act  of
nineteen  seventy-four  made  by section one of this act shall expire on
the same date as such act expires and shall not affect the expiration of
such act as provided in section 17 of chapter 576 of the laws  of  1974,
as amended.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13366-01-3

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