NY S07571

Applies commercial rent regulation to all commercial leases entered into on or after October 1, 2022, covering manufacturing, retail, professional services, offices, and not-for-profit entities in New York City.

Requires minimum 10-year lease terms for initial vacancy leases and renewals, with rent increases limited to amounts set annually by the rent guidelines board.

Grants tenants the right to renew commercial leases unless landlords can demonstrate specific grounds, including persistent late rent payments, illegal activity, substantial lease breaches, demolition or reconstruction needs, or landlord occupancy for a different business.

Establishes the rent guidelines board to set maximum annual rent rates for commercial premises based on real estate taxes, operating costs, financing availability, vacancy rates, and current leasing costs, with public hearings required before each adjustment.

Caps security deposits at two months' rent, requires escrow in interest-bearing accounts, prohibits landlord retaliation against tenants exercising rights under the law, and voids any lease provisions waiving tenant protections.