NY S08438

Extends the expiration date of multiple housing rent control and stabilization laws from June 15, 2011 to June 15, 2019, including the emergency housing rent control law and provisions governing residential property conversions to cooperative or condominium ownership.

Adds a new definition of "converted multiple dwelling" to the real property tax law's Section 421-a, allowing conversions of pre-existing buildings to Class A multiple dwellings to qualify for tax exemptions if at least 75 percent of original perimeter walls or 50 percent of original floor area remains in place.

Extends tax exemption benefits to converted multiple dwellings under the same framework as new multiple dwellings, including extended exemption periods for buildings with construction commencing between January 1, 2007 and June 30, 2009 (up to six years instead of three).

Creates a new extended tax exemption option (subdivision 16) allowing certain multiple dwellings to receive continued exemption after initial exemption periods expire by paying 12 percent of "shelter rent" annually, provided 20 percent of units remain affordable to low and moderate income families.

Imposes prevailing wage requirements for building service employees at multiple dwellings receiving tax exemptions with more than 50 units, unless at least 50 percent of units are affordable to families earning at or below 125 percent of area median income.