NY A03416

Requires landlords to report all rent concessions (rebates, discounts, waivers, money payments, physical goods/services) in annual rent registration statements filed with the Division of Housing and Community Renewal.

Mandates that reported rent for rent-stabilized units must equal the "net effective rent," calculated as the average monthly rent actually paid by tenants over their lease duration, accounting for the value of any concessions.

Defines "concession" as any temporary lease adjustment intended to induce tenant signing or renewal, and "net effective rent" as average monthly rent charged and paid over the full lease term.

Applies reporting requirements to both the Emergency Tenant Protection Act of 1974 and New York City Administrative Code provisions governing rent-stabilized apartments.

Takes effect immediately, with amendments to NYC Administrative Code expiring on the same date as that law expires under existing expiration provisions.