NY A08446

Requires property owners to dedicate an equal number of units at the same rent-controlled or rent-stabilized status following demolition and substantial renovation of buildings that previously contained protected housing.

Applies when demolition or renovation occurs after a false building permit application, due to owner/landlord negligence, due to illegal code violations, or pursuant to an urban development corporation project.

Provides tenants displaced by such demolition or renovation with right of first refusal to occupy the newly dedicated units.

Replacement units must be equivalent in size to vacated units and charged at the rent amount allowable under prior rent control or stabilization regulations.

Amendments to New York City Administrative Code take effect immediately; amendments to state rent control laws expire on same date as underlying rent control laws.