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A06510 Summary:

BILL NOA06510
 
SAME ASNo same as
 
SPONSORO'Donnell (MS)
 
COSPNSRLopez V, Silver, Glick, Ortiz, Gottfried, Kavanagh, Rosenthal, Farrell, Perry, Titus, Pheffer, Spano, Powell
 
MLTSPNSRBing, Brennan, Brodsky, Clark, Colton, Cook, Cymbrowitz, Diaz R, Dinowitz, Greene, Hooper, Jacobs, Lafayette, Lentol, McEneny, Millman, Scarborough, Seminerio, Walker, Weinstein, Wright, Young
 
Amd SS26-405 & 26-511, NYC Ad Cd; amd S6, Emerg Ten Prot Act; amd S4, Emerg Rent Cont L
 
Establishes a methodology for determining major capital improvements (MCI) rent surcharges based on a seven year schedule; provides that such MCI's shall be calculated as a rent surcharge and shall not become part of the base legal regulated rent by which rent increases are calculated, and requires the amount thereof to be separately designated and billed as such; codifies current practices regarding the annual 6% cap on MCI increases and the methodology for determining MCI surcharges based on the number of rooms; requires that rent surcharges authorized for major capital improvements shall cease when the cost of the improvement has been recovered.
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