NY A10549

Creates a tax abatement program for alterations and improvements to multiple dwellings (3+ units) in cities with populations over one million, with completion dates between June 30, 2026 and June 30, 2036

Eligible rental buildings must have at least 50% affordable rental units OR 90% rent-regulated units, or be owned by limited-profit housing companies, or receive substantial governmental assistance

Abatement equals up to 100% of certified reasonable construction costs, capped at 8.33% annually for up to 20 years, with minimum work threshold of $1,500 per dwelling unit

Imposes a 15-year restriction period requiring rent regulation compliance, prohibiting condo/co-op conversions, and barring tenant harassment, with penalties including benefit termination and fines up to $1,000 per unit per violation

Grants tenants a private right of action to sue for violations in Supreme Court with treble damages and attorney's fees, and authorizes appointment of receivers for non-compliant buildings