NY A02352

Eliminates rent increases based on major capital improvements for buildings subject to rent regulation or rent stabilization under emergency rent control law, emergency tenant protection act, and New York City rent laws, effective immediately.

Repeals all rent increases granted for major capital improvements with effective dates within seven years prior to the act's effective date and requires the Division of Housing and Community Renewal to determine reduced legal rents and notify owners and tenants within 180 days.

Allows building owners to apply for hardship relief within 90 days if proposed new legal rents do not exceed operating expenses by at least five percent of gross rent income, with limited repeal amounts to maintain that five percent margin.

Requires owners to refund excess security deposits collected above new legal rents within 30 days, which may be applied as rent credits or self-deducted by tenants from future payments.

Permits tenants to assert entitlement to repealed rent increases as a defense in eviction proceedings for non-payment and provides court jurisdiction over such claims if the department has not yet issued final rent determinations.