NY A01773

Requires building owners seeking rent increases for major capital improvements (MCIs) to first apply for and receive tax benefits under section 11-243 of the NYC Administrative Code before being granted the rent adjustment

Owners denied tax benefits for reasons unrelated to untimely or improperly completed applications remain eligible for MCI rent adjustments

Limits qualifying MCIs to improvements essential for energy efficiency, functionality, or infrastructure of the building, including heating, windows, plumbing, and roofing, while excluding operational costs and unnecessary cosmetic improvements

Applies only to buildings that commence work on major capital improvements 45 days or later after the act's effective date

Maintains existing provisions that cap MCI rent collection at 2% annually, amortize costs over 12-12.5 years depending on building size, and remove increases from legal regulated rent after 30 years