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A05039 Summary:

Amd 26-405, NYC Ad Cd
Reduces the amount of maximum rent increase collectible in one year.
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A05039 Actions:

02/06/2017referred to housing
01/03/2018referred to housing
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A05039 Text:

                STATE OF NEW YORK
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 6, 2017
        Introduced  by  M.  of  A.  O'DONNELL  --  read once and referred to the
          Committee on Housing
        AN ACT to amend the administrative code of the  city  of  New  York,  in
          relation  to  reducing the amount of maximum rent increase collectible
          in one year
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph  5  of  subdivision  a of section 26-405 of the
     2  administrative code of the city of  New  York  is  amended  to  read  as
     3  follows:
     4    (5)  Where  a  maximum rent established pursuant to this chapter on or
     5  after January first, nineteen hundred seventy-two, is  higher  than  the
     6  previously existing maximum rent, the landlord may not collect more than
     7  [seven  and  one-half percentum] three percent increase from a tenant in
     8  occupancy on such date in any one year period,  provided  however,  that
     9  where  the  period  for  which the rent is established exceeds one year,
    10  regardless of how the collection thereof is averaged over  such  period,
    11  the  rent  the  landlord  shall  be entitled to receive during the first
    12  twelve months shall not be increased by more than  [seven  and  one-half
    13  percentum]  three  percent  over the previous rent and additional annual
    14  rents shall not exceed [seven and one-half percentum] three  percent  of
    15  the rent paid during the previous year. Notwithstanding any of the fore-
    16  going  limitations  in  this  paragraph  five,  maximum  rent  shall  be
    17  increased if ordered by the agency pursuant to subparagraphs  (d),  (e),
    18  (f), (g), (h), (i), (k), (l), (m) or (n) of paragraph one of subdivision
    19  g  of  this  section. Commencing January first, nineteen hundred eighty,
    20  rent adjustments pursuant to subparagraph (n) of paragraph one of subdi-
    21  vision g of this section shall be excluded from the  maximum  rent  when
    22  computing  the  [seven  and  one-half  percentum] three percent increase
    23  authorized by this paragraph five.  Where  a  housing  accommodation  is
    24  vacant on January first, nineteen hundred seventy-two, or becomes vacant
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 5039                             2
     1  thereafter  by  voluntary  surrender  of  possession by the tenants, the
     2  maximum rent established for such accommodations may be collected.
     3    §  2. This act shall take effect immediately; provided that the amend-
     4  ments to section 26-405 of the city rent and rehabilitation law made  by
     5  section  one  of  this act shall remain in full force and effect only as
     6  long as the public emergency requiring the  regulation  and  control  of
     7  residential  rents and evictions continues, as provided in subdivision 3
     8  of section 1 of the local emergency housing rent control act.
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