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S00745 Summary:

BILL NOS00745A
 
SAME ASSAME AS A01928
 
SPONSORKRUEGER
 
COSPNSRDUANE, HASSELL-THOMPSON, MONTGOMERY, PERALTA, PERKINS, SAVINO, SCHNEIDERMAN, SERRANO, STAVISKY, STEWART-COUSINS
 
MLTSPNSR
 
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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