NY A03329

Removes operating costs factors (real estate taxes, sewer and water rates, gross operating maintenance costs, insurance rates, governmental fees, fuel costs, and labor costs) from the criteria the Rent Guidelines Board considers when determining annual rent adjustments.

Retains financing availability and costs, overall housing supply, and vacancy rates as economic factors for the Board to consider in rent adjustment decisions.

Applies to both the NYC Rent Stabilization Law and the Emergency Tenant Protection Act of 1974 for counties with declared housing emergencies.

Requires the Rent Guidelines Board to file findings and maximum rent adjustment rates with the City Clerk (or state housing division for counties) by July 1st each year.

Takes effect immediately, with the NYC amendments expiring on the same date as the Rent Stabilization Law expires under existing law.