NY S05466

Establishes commercial rent regulation for all commercial leases entered into on or after October 1, 2024, covering manufacturing, retail, professional services, offices, and not-for-profit entities.

Sets minimum 10-year lease terms for vacancy leases and renewals, with rent increases limited to amounts established annually by the rent guidelines board, though shorter or longer terms may be agreed upon.

Grants tenants the right to renew commercial leases unless landlords can demonstrate grounds including persistent rent non-payment, illegal activity, substantial breach uncured within 30 days, or intent to demolish/reconstruct or occupy premises for their own business.

Requires landlords to provide 180 days' notice before lease expiration if willing to renew and grants tenants treble damages if landlords fraudulently invoke demolition or self-occupancy justifications for non-renewal.

Caps security deposits at two months' rent held in escrow with interest paid to tenant, prohibits landlord retaliation against tenants asserting rights under the law, and voids any lease provisions waiving tenant protections.