NY A04026

Amends New York City Administrative Code to change "partial waiver" of rent adjustments to a full "waiver" for properties receiving tax abatement benefits for major capital improvements.

Requires property owners filing for tax abatement benefits to declare they will waive rent adjustments equal to the total annual amount of tax abatement received, rather than waiving only one-half of the tax abatement amount.

Exempts substantial rehabilitation of vacant buildings and buildings rehabilitated with significant city, state, or federal subsidies from the waiver requirement.

Applies only to alterations and improvements commenced after the act's effective date.

Takes effect immediately upon enactment.