A06194 Summary

• Changes rent increase calculations for building improvements from a percentage of cost (one-168th or one-180th) to a flat one-fortieth or one-sixtieth fraction, removing the $15,000 cost cap that was previously in effect.

• Shortens the amortization period for major capital improvements from 12-12.5 years to 8-9 years depending on building size, and eliminates the 30-year sunset provision for these rent increases.

• Removes requirements that improvements be "essential" for energy efficiency or functionality, narrowing the standard to improvements "required for the operation, preservation or maintenance of the structure."

• Repeals provisions limiting apartment improvements to three separate improvements per 15-year period and eliminates the 2% annual collection cap on major capital improvement increases.

• Reduces the annual registration fee for rent-regulated units from $20 to $10 per unit per year.