NY A03993

Requires building owners to apply for and receive tax benefits under section 11-243 before obtaining rent adjustments for major capital improvements, with an exception for owners denied benefits due to untimely or improperly completed applications.

Applies the tax benefit requirement to both rent-controlled buildings under section 26-405 and rent-stabilized buildings under section 26-511 of the New York City Administrative Code.

Takes effect immediately but only applies to buildings that commence major capital improvement work 45 days or later after the act's effective date.

Maintains existing rules for major capital improvement rent increases including 12-year amortization periods (12.5 years for buildings with more than 35 units), 2 percent annual collection limits, and 30-year removal from legal regulated rent.