NY S06633

Establishes commercial rent regulation in New York City for all non-residential leases entered into on or after October 1, 2026, covering manufacturing, retail, offices, professional services, cultural entities, and non-profits

Requires minimum 10-year lease terms for both vacancy and renewal leases, with rent increases set by the Rent Guidelines Board based on factors including real estate taxes, operating costs, financing availability, and vacancy rates

Grants tenants the right to renew leases except in specific circumstances such as persistent late rent payments, illegal activity, substantial lease violations, or landlord's intent to demolish, reconstruct, or personally occupy the premises

Caps security deposits at two months' rent, requiring landlords to place deposits in interest-bearing escrow accounts at New York State banks with interest returned to tenants at lease termination

Prohibits landlord retaliation against tenants exercising their rights under the law, with violators subject to actual and punitive damages, injunctive relief, and attorneys' fees