BILL NUMBER: S6764
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend chapter 576 of the laws of 1974, constituting the emer-
gency tenant protection act of nineteen seventy-four and the administra-
tive code of the city of New York, in relation to placing limitations on
initial regulated rents
 
PURPOSE:
The purpose of this bill is to ensure that initial rents on new rent
regulated units are based on the average rent for comparable units with-
in the same building rather than based on an arbitrary amount set by the
property owner.
 
SUMMARY OF PROVISIONS:
Section 1 amends subdivision b of Section 6 of Section 4 of Chapter 576
of the Laws of 1974 by providing that the initial legal regulated rent
shall not exceed the average rent for a comparable rent regulated hous-
ing accommodation, as determined by the rent guidelines board with
jurisdiction over such housing accommodation.
Section 2 amends subdivision b of Section 26-512 of the Administrative
Code of the City of New York by providing that initial regulated rent
shall not exceed the average rent for a comparable rent regulated hous-
ing accommodation.
Section 3 is the effective date.
 
JUSTIFICATION:
This pandemic has taught us many bitter lessons, and one of most impor-
tant is the centrality of housing for working people and families.
Having a roof over your heads is a bedrock of stability. As this crisis
subsides, there will be an even bigger crush for decent, affordable
housing. This bill will protect the rights of tenants as they consider
their options. It ensures that initial rents offered to tenants for new
rent-regulated units are based on the average rent for comparable units
inside the building. This will prevent greed from setting the rents,
instead of the average rent for a similar unit.
 
LEGISLATIVE HISTORY:
2023-2024: 5.4969 - Referred to Housing, Construction and Community
Development/A.7294 - Referred to Housing
2021-2022: S.2011 - Referred to Housing, Construction and Community
Development/A.7108 Referred to Housing
2019-2020: S.8432 - Referred to Housing, Construction and Community
Development
 
STATE AND LOCAL FISCAL IMPLICATIONS:
None.that the the City of same date as such chapter
 
EFFECTIVE DATE:
This act shall take effect immediately, provided, however, amendments to
Section 26-512 of the Administrative Code of New York made by Section 2
of this act shall expire on the such chapter expires and shall not
affect the expiration of as provided under Section 26-520 of such chap-
ter.