NY S03199

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

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

Takes effect immediately, with NYC Administrative Code amendments expiring on the same date as the underlying rent stabilization law