NY S05790

Authorizes cities where the multiple dwelling law applies to adopt local laws providing real property 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 cannot exceed 70 percent of certified reasonable construction costs, last more than 20 years, or exceed 8.33 percent annually, with additional limits capping abatements at 50 percent of annual taxes for limited-profit housing, homeownership, and regulated homeownership buildings.

Requires eligible rental buildings (other than limited-profit housing companies) to maintain at least 50 percent affordable rental units during a 15-year restriction period, comply with rent regulation, waive major capital improvement rent increases, and prohibit harassment, evictions, or conversions to cooperative/condominium ownership.

Establishes application requirements including non-refundable filing fees ($1,000 plus $75 per unit over six units), affidavits of no harassment, and strict compliance deadlines, with provisions allowing the local housing agency to deny incomplete applications or bar applicants with material misstatements for up to five years.

Provides tenants with private right of action to enforce requirements in state supreme court, with recoverable treble damages and attorney fees, and authorizes local housing agencies to revoke benefits retroactively for non-compliance and appoint receivers to enforce compliance.