NY S02806

Establishes that rent for SCRIE and DRIE eligible households shall not exceed one-third of combined household income for the taxable period in cities with populations of one million or more.

Requires tax abatement certificates to be issued to eligible heads of household for the amount by which maximum or legal regulated rent exceeds one-third of combined household income.

Eliminates a prior provision that allowed persons with disabilities to maintain fixed rent increase exemption amounts regardless of whether rent exceeded one-third of household income.

Changes rent cap for heads of household not receiving monthly shelter allowances from the greater of one-third of aggregate disposable income or pre-eligibility rent to strictly one-third of aggregate disposable income.

Takes effect immediately, with amendments to section 26-509 expiring on the same date as that law's existing expiration date.