NY A07308

Eliminates rent increases based on major capital improvements for housing subject to rent regulation or stabilization in New York State, effective immediately.

Repeals all rent increases for major capital improvements that became effective within the seven years prior to enactment and requires the Division of Housing and Community Renewal to recalculate legal rents as if those increases never occurred.

All pending applications for rent increases based on major capital improvements must be denied.

Building owners may apply for a hardship exemption if the recalculated rents do not allow them to maintain annual gross rent income exceeding annual operating expenses by at least 5 percent, with limited repeal of the improvement increase allowed.

Tenants must receive refunds of any excess security deposits collected based on eliminated rent increases within 30 days, and may assert their right to the repealed rent as a defense in eviction proceedings.