BILL NUMBER: S2219
SPONSOR: COMRIE
 
TITLE OF BILL:
An act to amend the administrative code of the city of New York, in
relation to establishing certain criteria for the rent guidelines board
to use for purposes of determining annual rent adjustments
 
PURPOSE:
This bill empowers the rent guidelines board to include small properties
and small property owners in their assessments for rent adjustment.
 
SUMMARY OF PROVISIONS:
Section one amends Section 26-510 to explain the process used to assess
need for rent readjustment, and establishes small properties of 6 unites
or less to be included in the assessment. The hardship rent increase is
hereby restricted to owners with a maximum of 20 units in New York City.
Section 2 establishes the effective date as immediately.
 
EXISTING LAW:
Section 26-510 establishes the rent guidelines board, and its organiza-
tion, and provides that the rent guidelines board shall establish annual
guidelines for rent adjustments
 
JUSTIFICATION:
The Rent guidelines board does not have a truly systematic way of study-
ing the need for rent readjustments; many small properties are not
factored into the equation, since they are not reflected in the DOF's
Real Property Income and Expense Statement which the board uses to
determine adjustment.
 
LEGISLATIVE HISTORY:
2024: S1105 Comrie
2022: S3224
 
FISCAL IMPLICATIONS:
To be determined.
 
LOCAL FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.