NY S05651

Adds new section 235-i to Real Property Law making it a violation punishable by a $1,000 fine for landlords to willfully include misleading or incorrect information in rent decontrol notices required under Real Property Tax Law section 421-a.

Prohibits landlords from including incorrect or misleading information in notices informing tenants that their units will become subject to rent decontrol upon expiration of tax benefit periods under the Affordable New York Housing Program.

Exempts units from decontrol notice requirements if the unit will remain subject to rent regulation or rent control pursuant to an additional tax exemption or rent stabilization program after the tax benefit period expires.

Takes effect 60 days after becoming law and applies to all leases entered into, renewed, or extended on or after the effective date.