STATE OF NEW YORK
________________________________________________________________________
7038
IN SENATE
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:
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 or longer; provided
10 that the collectible increase in rent attributable to an adjustment
11 under this paragraph shall not exceed six percent of the legal regulated
12 rent registered pursuant to section twelve-a of this act, or
13 § 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.
LBD13366-01-3
