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NY S04717
Bill
Status
Introduced
4/19/2013
Primary Sponsor
Tony Avella
Click for details
AI Summary
- Establishes mandatory mediation and arbitration procedures for commercial lease renewals in New York City, applying to leases expiring on or after July 1, 2013
- Requires landlords to provide 180 days' notice before lease expiration and grants tenants a right to renew for a minimum 10-year term unless landlord meets specific grounds for denial (persistent late payments, illegal activity, substantial breach, demolition/reconstruction, or landlord occupancy for own business)
- Implements a two-step dispute resolution process: 90-day negotiation/mediation period followed by binding arbitration if no agreement is reached, with arbitrator setting rent based on 13 specified factors including maintenance costs, comparable market rates, and real estate speculation in the area
- Limits security deposits to two months' rent held in interest-bearing escrow accounts and prohibits landlord retaliation against tenants exercising rights under this chapter
- Requires administering agency to report to mayor and city council every five years on the law's effectiveness in supporting small business survival and fair commercial rents
Legislative Description
Enacts the small business survival act; creates a small business lease program for fair negotiations in the commercial lease renewal process.
Last Action
REFERRED TO CITIES
1/8/2014
Committee Referrals
Cities4/19/2013
Full Bill Text
No bill text available