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A01928 Summary:

BILL NO    A01928 

SAME AS    SAME AS S00745-A

SPONSOR    O'Donnell (MS)

COSPNSR    Lopez V, Silver, Glick, Ortiz, Gottfried, Kavanagh, Rosenthal,
           Farrell, Perry, Pheffer, Spano, Powell, Titus, Colton

MLTSPNSR   Alfano, Barron, Bing, Brennan, Brodsky, Castro, Clark, Cook,
           Cymbrowitz, Dinowitz, Heastie, Hooper, Jacobs, Kellner, Lentol,
           McEneny, Millman, Scarborough, Wright

Amd SS26-405 & 26-511, NYC Ad Cd; amd S6, Emerg Ten Prot Act; amd S4, Chap 274
of 1946

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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