NY A07108

Limits initial regulated rents for vacant housing accommodations in cities under one million population to not exceed the average rent for comparable rent-regulated housing as determined by the rent guidelines board.

Applies the rent cap limitation to housing accommodations subject to the emergency housing rent control law that become vacant after the local effective date of the Emergency Tenant Protection Act of 1974.

Requires the same average rent limitation for housing accommodations regulated under the City Rent and Rehabilitation Law that become vacant, with the cap to be determined by the commissioner.

Prevents annual rent guideline increases from taking effect until after the first lease or rental agreement expires following the local effective date, with a minimum of one year from the rental agreement commencement date.

Takes effect immediately, with amendments to the administrative code of New York City expiring on the same date as the rent control provisions under section 26-520 of the administrative code.