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NY A08506
Bill
Status
1/4/2024
Primary Sponsor
Linda Rosenthal
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AI Summary
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Removes the cap limiting rent set by federal, state, or local agencies in preservation regulatory agreements to amounts calculated under standard rent combination formulas for vacant apartments.
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Requires owners claiming substantial rehabilitation exemptions for work initiated on or after January 1, 2024, to seek and obtain approval from the state Division of Housing and Community Renewal within one year of completion.
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Permits courts and the Division of Housing and Community Renewal to determine fraudulent deregulation schemes based on totality of circumstances without requiring all common law fraud elements to be proven.
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Clarifies that any records of any age may be used to determine apartment status under rent stabilization law and for other purposes permitted under law or regulatory authority.
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Applies fraud determination provisions retroactively to any action or proceeding pending on the effective date before courts or administrative agencies.
Legislative Description
Establishes the legal regulated rent for the combination of two or more vacant apartments; relates to exemptions from rent stabilization on the basis of substantial rehabilitation; relates to clearly defining the scope of the fraud exception to the pre-HSTPA four-year rule for calculating rents and relates to the effectiveness thereof.
Last Action
substituted by s8011
1/29/2024