NY S08319

Establishes commercial rent stabilization for all commercial leases in New York City renewed or entered into on or after July 1, 2025, capping rent increases to rates set annually by a new Commercial Rent Guidelines Board

Creates a 9-member Commercial Rent Guidelines Board appointed by the mayor, including representatives of commercial tenants, landlords, and public members with relevant expertise, to set maximum annual rent adjustment rates by community board district

Requires landlords to register all commercial spaces within 120 days and pay a $100 annual fee per space, with escalating penalties ($100-$4,000/month) for failure to register

Grants tenants the right to renew leases for a minimum of 10 years, with landlords permitted to refuse renewal only for specific grounds including persistent non-payment, illegal activity, substantial lease breaches, or owner's intent to demolish or personally occupy the space

Imposes penalties of up to three times the overcharge amount for landlords who collect rent above the legal regulated rate, plus attorneys' fees and interest, with a 6-year lookback period for complaints