NY A05624

Reduces the fraction of improvement costs that landlords can recover through rent increases from 1/168 to 1/40 for small buildings (35 or fewer units) and from 1/180 to 1/60 for larger buildings (more than 35 units).

Changes major capital improvement cost amortization periods from 12-12.5 years to 8-9 years and removes the 30-year expiration date for such rent increases.

Eliminates the $15,000 aggregate cost cap and three-apartment-per-15-year limit on individual apartment improvement rent increases.

Removes requirements for "informed consent" language and regulatory oversight of contractor licensing and safety code compliance for improvement-based rent increases.

Reduces annual registration and administration fees for rent-regulated housing from $20 to $10 per unit and repeals provisions relating to capital improvement revenue usage.