NY A04769

Requires building owners to apply for and receive tax benefits under section 11-243 before obtaining rent increases for major capital improvements, with an exception for owners denied benefits for reasons unrelated to application defects.

Maintains the existing rent increase collection limits of 2% annually for major capital improvement increases, with amortization over 12 years for buildings with 35 or fewer units or 12.5 years for larger buildings.

Applies to both rent-controlled apartments under section 26-405 and rent-stabilized apartments under section 26-511 of New York City's administrative code.

Takes effect immediately but only applies to buildings that commence work on major capital improvements 45 days or later after the law's effective date.