NY A07294

Amends the Emergency Tenant Protection Act of 1974 to cap initial regulated rents for vacant housing accommodations in cities with populations under one million at the average rent for comparable regulated housing, as determined by the rent guidelines board.

Applies the rent cap to housing accommodations subject to emergency housing rent control that become vacant on or after the local effective date of the act.

Prevents rent increases under annual guidelines from taking effect until after the expiration of the first lease or rental agreement following the local effective date, with a minimum one-year period before any increase occurs.

Amends the Administrative Code of New York City to similarly limit initial regulated rents for certain housing accommodations regulated under prior rent control laws to not exceed the average rent for comparable regulated housing, as determined by the commissioner.

Takes effect immediately, with amendments to the Administrative Code expiring on the same date as the chapter containing those provisions.