NY A07758

Authorizes cities where the multiple dwelling law applies to adopt local laws allowing tax abatements for alterations and improvements to eligible buildings with three or more dwelling units completed between June 29, 2022 and June 30, 2026.

Abatements capped at 70 percent of certified reasonable construction costs, cannot exceed 20 years duration, and limited to 8.33 percent annually of total certified construction costs.

Requires eligible rental buildings to maintain at least 50 percent affordable rental units during a 15-year restriction period, prohibits unit conversion to cooperative or condominium ownership, and waives major capital improvement rent increases for stabilized units.

Establishes application requirements including a non-refundable filing fee of $1,000 plus $75 per dwelling unit over six units, affidavit of no harassment by owners within five years, and verification of eligible construction through local housing agency inspection.

Provides private right of action for tenants to enforce requirements with recovery of treble damages plus attorney's fees, and authorizes local housing agencies to revoke benefits retroactively for non-compliance or material misstatements in applications.