NY A08533

Reduces rent guidelines board membership from nine to seven members, requires City Council confirmation of mayoral appointments, and expands eligible backgrounds for public members to include public service, philanthropy, social services, urban planning, and nonprofit management

Shifts annual rent adjustment filing deadline from July 1 to December 1, with new lease rates taking effect March 1 instead of October 1, and mandates public hearings in all five NYC boroughs plus one virtual hearing option

Expands factors the board must consider to include rental market conditions, property value changes, owner profitability, net operating income changes, and tenant income/affordability measures, while explicitly excluding debt service, capital expenditures, and depreciation from consideration

Requires all landlords of rent-regulated properties to submit annual income and expenditure reports, with penalties of $1,000 to $10,000 for violations and prohibition on collecting rent adjustments during non-compliance periods

Mandates the board to examine a representative sample of landlord books and records within one year and every ten years thereafter, with confidentiality protections for individual building data but public release of cumulative statistical results