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NY A02390
Bill
Status
1/16/2025
Primary Sponsor
Emily Gallagher
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AI Summary
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Requires landlords of rent-stabilized apartments to report all rental concessions (rebates, discounts, free months, waivers, money payments, or goods/services) on annual registration statements filed with the Division of Housing and Community Renewal
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Mandates that the "current rent" reported for units with concessions must equal the "net effective rent" — the average monthly rent actually charged to and paid by the tenant over the lease term
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Defines "concession" as any temporary lease adjustment intended to induce a tenant to sign or renew, including rebates, discounts, waivers, license agreements, prorations, or physical goods and services
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Amends the 421-a tax exemption program to require that "adjusted monthly rent" calculations reflect the value of any concessions granted to tenants
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Addresses legislative concern that landlords reporting higher rents to the state than tenants actually pay undermines rent stabilization protections
Legislative Description
Requires rent concessions to be reported to the division of housing and community renewal; requires the inclusion of a statement of net effective rent for units with concessions; requires certain annual statements filed to include reporting of rent concessions.
Last Action
referred to housing
1/7/2026