BILL NUMBER: S8698
SPONSOR: ASHBY
 
TITLE OF BILL:
An act to amend the real property law, in relation to capital improve-
ment costs pursuant to which a manufactured home park may increase rent
above three percent
 
PURPOSE:
To clarify what constitutes a capital improvement in regards to
increases in rent for manufactured home parks.
 
SUMMARY OF PROVISIONS:
Section 1 amends real property law to add a definition for "capital
improvements" to mean the same as section 1101 of the tax law.
Section 2 sets the effective date to immediately.
 
JUSTIFICATION:
Currently, New York Real Property Law § 233-b limits manufactured home
park rent increases to 3% annually, unless justified by higher operating
expenses, taxes, or capital improvements. However, the law does not
actually define capital improvements. This bill rectifies that by align-
ing the definition for capital improvements with one already in tax law
(section 1101).
 
LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
None to the state.
 
EFFECTIVE DATE:
Immediately.

Statutes affected:
S8698: 233-b real property law, 233-b(2) real property law