NY S06515

Requires owners to grant one-year vacancy and renewal leases (instead of allowing owners to offer one or two years at their option) for rent-regulated housing accommodations, effective January 1, 2013, except where existing mortgages prohibit one-year leases

Simplifies rent increase calculations for one-year vacancy leases by eliminating the prior tiered system that reduced increases for one-year versus two-year leases; all vacancy leases will receive a twenty percent increase of the previous legal regulated rent

Limits sublease duration to one year maximum (instead of two years out of four years) for subleases commencing on or after January 1, 2013

Applies changes to both cities with populations less than one million (under Emergency Tenant Protection Act of 1974) and to New York City (under the Administrative Code)

Amendments expire on the same dates as the underlying rent regulation laws expire