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A05373 Summary:

BILL NO    A05373 

SAME AS    SAME AS S01493

SPONSOR    O'Donnell (MS)

COSPNSR    Wright, Silver, Glick, Ortiz, Gottfried, Kavanagh, Farrell, Perry,
           Titus, Mayer, Mosley, Aubry, Weprin, Camara

MLTSPNSR   Brennan, Brook-Krasny, Clark, Cook, Cymbrowitz, Dinowitz, Heastie,
           Hooper, Jacobs, Kellner, Lentol, Millman, Scarborough

Amd SS26-405 & 26-511, NYC Ad Cd; amd S6, Emerg Ten Prot Act of 1974; amd S4,
Emerg Hous Rent Cont L

Establishes a methodology for determining major capital improvements (MCI) rent
surcharges based on a seven year schedule; provides that such MCI shall be
calculated as a rent surcharge and shall not become part of the base legal
regulated rent by which rent increases are calculated, and requires the amount
thereof to be separately designated and billed as such; codifies current
practices regarding the annual 6% cap on MCI increases and the methodology for
determining MCI surcharges based on the number of rooms; requires that rent
surcharges authorized for major capital improvements shall cease when the cost
of the improvement has been recovered.
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