NY A06297

Requires property owners who demolish or substantially renovate rent-controlled or rent-stabilized buildings to dedicate an equal number of units with equivalent sizes to the same protected rent status after construction is completed

Mandates that replacement units maintain the rent amount allowable for the units that existed prior to demolition or renovation

Applies when owners filed false building permit applications claiming no tenants occupied the building, when demolition was necessitated by owner negligence or illegal code violations, or when authorized under Urban Development Corporation projects

Grants tenants in possession immediately prior to demolition or substantial renovation the right of first refusal to occupy the replacement units

Amends three housing laws: the NYC Administrative Code, the Emergency Tenant Protection Act of 1974, and the Emergency Housing Rent Control Law of 1946