NY A01249

Requires building owners seeking to demolish rent-stabilized buildings to first prove to the Division of Housing and Community Renewal that the building is substandard or seriously deteriorated, with plans and permits approved by the Department of Buildings

Defines "demolish" as complete razing of the entire building, including all exterior walls, to construct a new building with the same or greater number of rental housing units

Requires demolition applications to be filed at least 90 days before lease expiration

Gives displaced tenants three relocation options: (i) equivalent rent-stabilized housing in a proximate area plus $5,000 stipend and moving expenses; (ii) relocation to higher-rent housing with a stipend covering the rent difference for 72 months; or (iii) a stipend based on a demolition stipend chart multiplied by 72 months

Applies immediately to current tenants and all pending court actions or administrative proceedings