BILL NUMBER: S1642
SPONSOR: CLEARE
 
TITLE OF BILL:
An act to amend the administrative code of the city of New York, the
emergency tenant protection act of nineteen seventy-four and the emer-
gency housing rent control law, in relation to requiring the replacement
of certain rent stabilized housing accommodations
 
PURPOSE OR GENERAL IDEA OF BILL:
To ensure that rent stabilized apartments remain rent stabilized in the
event of loss, destruction, fire, natural disaster, Act of God, Act of
war or Eminent Domain.
 
SUMMARY OF SPECIFIC PROVISIONS:
This bill amends relevant sections of law to ensure that rent stabilized
apartments remain rent stabilized in the event of loss, destruction,
fire, natural disaster, Act of God, Act of war or Eminent Domain.
 
JUSTIFICATION:
Rent stabilized apartments should remain rent stabilized in perpetuity,
regardless of events such as loss, destruction, fire, natural disaster,
Act of God, Act of War or Eminent Domain. Insurance, compensation and
reserves serve a purpose and that purpose is not to create market rate
housing.
 
PRIOR LEGISLATIVE HISTORY:
New in 2023-24.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
90th Day.