NY S02451

Establishes a maximum rent cap of one-third of household income for seniors and people with disabilities enrolled in SCRIE (Senior Citizens Rent Increase Exemption) and DRIE (Disability Rent Increase Exemption) programs

Authorizes local governments to issue tax abatement certificates for the amount by which rent exceeds one-third of combined household income

Removes the previous option allowing landlords to collect rent at either one-third of disposable income or the rent in effect before the eligibility date, whichever was greater—now limiting collection to only one-third of income

Eliminates a grandfather provision that allowed certain disability rent exemption orders from 2015 to remain at previously set amounts regardless of income calculations

Applies to rent-controlled and rent-stabilized housing in municipalities that adopt the provisions through local law, ordinance, or resolution