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NY A09667
Bill
Status
3/28/2022
Primary Sponsor
Emily Gallagher
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AI Summary
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Requires landlords to report all rental concessions (rebates, discounts, waivers, money payments, or physical goods/services) in annual rent registration statements filed with the Division of Housing and Community Renewal.
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Defines "net effective rent" as the average monthly rent charged to and paid by a tenant over the lease duration, which must be reported to the division instead of the nominal rent when concessions are granted.
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Requires landlords to amend annual statements filed for 2020 and 2021 to include information about concessions granted on or after March 1, 2020, with amendments due by January 1, 2023 or the next annual filing date, whichever is sooner.
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Applies the net effective rent requirement to the 421-a tax exemption program, mandating that "adjusted monthly rent" reflect the value of all concessions as defined under the emergency tenant protection act.
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Takes effect immediately upon enactment.
Legislative Description
Requires rent concessions to be reported to the division of housing and community renewal; requires the inclusion of a statement of net effective rent for units with concessions; requires annual statements filed for the year 2020 or 2021 to include reporting of rent concessions.
Last Action
referred to housing
3/28/2022