NY S04709

Authorizes cities where the multiple dwelling law applies to adopt local laws providing tax abatements for alterations and improvements to eligible buildings containing three or more dwelling units, effective until June 30, 2025.

Abatement limited to 70 percent of certified reasonable construction costs, maximum 20-year term, and annual abatement capped at 8.33 percent of total certified reasonable cost (50 percent for limited-profit housing, homeownership, and regulated homeownership buildings).

Eligible buildings include rental buildings with at least 50 percent affordable units or receiving substantial governmental assistance, homeownership buildings, and regulated homeownership buildings; eligible construction must be completed between June 29, 2022 and June 30, 2026.

Requires applications filed within four months of completion date, includes non-refundable filing fees ($1,000 plus $75 per unit over six units), and mandates affidavit of no harassment within prior five years for all owners and substantial interest holders.

Imposes tenant protections including rent regulation during 15-year restriction period, prohibition on unit conversion to cooperative or condominium, one or two-year lease terms for affordable units, and private right of action for tenants allowing recovery of treble damages plus attorney fees.