New York Daily News: Bill would end rent increases tied to capital improvements

In a move they say will protect tenants, two state lawmakers have introduced legislation that would prohibit rent increases tied to major capital improvements.

Instead, the bill introduced by Sen. Michael Gianaris (D-Queens) and Assemblyman Brian Barnwell (D-Queens) would offer building owners tax credits to offset the costs of major upgrades.

“Too many tenants are priced out of their homes because of (major capital improvements) whose only improvement seems to be the landlord’s bottom line,” Gianaris said. “All New Yorkers deserve high quality, affordable homes and our proposal brings us closer to that goal by ensuring repairs are made without burdening tenants with unreasonable costs.”

To read more, click here: https://nydn.us/2NuejKT