NY A04334

Requires landlords to reduce rent for tenants in buildings with submetered utilities by an amount equal to the utility costs the tenant now pays directly, when those costs were previously included in rent

Directs the Division of Housing and Community Renewal to review standard and actual rent reductions for submetered properties within 90 days of the law taking effect

Authorizes the Division to require increases to rent reductions where it determines necessary

Mandates the Division to establish an appeals process for tenants whose rent reduction does not accurately reflect their submetered utility costs

Takes effect immediately upon passage