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A03262 Summary:

BILL NOA03262
 
SAME ASNo Same As
 
SPONSORRosenthal L
 
COSPNSRGottfried, Dinowitz
 
MLTSPNSRColton, Glick
 
Amd 26-510, NYC Ad Cd
 
Requires the rent guidelines board to take other sources of income received by landlords from commercial rents and unregulated residential units into account when establishing annual calculations.
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A03262 Actions:

BILL NOA03262
 
01/22/2021referred to housing
01/05/2022referred to housing
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A03262 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A3262
 
SPONSOR: Rosenthal L
  TITLE OF BILL: An act to amend the administrative code of the city of New York, in relation to requiring the rent guidelines board to take other sources of income received by landlords from commercial rents and unregulated resi- dential units into account when establishing annual calculations   PURPOSE: This bill requires the rent guidelines board to consider landlord profits in addition to landlord costs when determining annual guidelines for rent adjustments.   SUMMARY OF SPECIFIC PROVISIONS: Section one renumbers paragraph 3 of subdivision b of section 26-510 of the administrative code of the city of New York to paragraph 4; and adds a new paragraph 3. Section two sets forth the effective date.   JUSTIFICATION: The New York City Rent Guidelines Board (RGB) is mandated to establish rent adjustments for the nearly one million dwelling units subject to the Rent Stabilization Law in New York City. To determine the adjust- ment, the RGB holds a series of public meetings to hear testimony from owners and tenants, but under the current law the Board is instructed only to consider factors that contribute to landlord costs, not their overall profit. To determine landlord costs, the ROB depends on state- ments from property owners such as the Real Property Income and Expense (RPIE) statements, but an audit of RPIE statements collected from rent- stabilized buildings revealed that on average, operation and maintenance costs were exaggerated by 8%. This bill would put tenants and landlords on equal footing before the law by requiring the RGB to also consider all sources of income, includ- ing rents from unregulated residential tenants and commercial units. Middle and low income citizens who depend on rent-stabilized apartments are being priced out of New York City as the RGB raises rents each year based on exaggerated cost reports from landlords. The RGB needs a more balanced picture of what is actually happening in the rental market in order to make fair determinations about rent adjustments.   LEGISLATIVE HISTORY: 2019-20: A.1392 - Referred to Housing 2017-18: A.3219 - Referred to Housing 2015-16: A.594 - Referred to Housing; S.3037 - Referred to Housing, Construction and Community Development 2013-14: A.745 - Referred to Housing; S.1805 - Referred to Housing, Construction and Community Development 2011-12: A.1464 - Referred to Housing; S.3119 - Referred to Housing, Construction and Community Development 2009-10: A.5450 - Referred to Housing   FISCAL IMPLICATIONS: Undetermined.   EFFECTIVE DATE: This bill shall take effect immediately.
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A03262 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3262
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 22, 2021
                                       ___________
 
        Introduced  by M. of A. L. ROSENTHAL, GOTTFRIED, DINOWITZ -- Multi-Spon-
          sored by -- M.  of A. COLTON, GLICK -- read once and referred  to  the
          Committee on Housing
 
        AN  ACT  to  amend  the  administrative code of the city of New York, in
          relation to requiring the rent guidelines board to take other  sources
          of  income received by landlords from commercial rents and unregulated
          residential units into account when establishing annual calculations
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Paragraph  3  of  subdivision  b of section 26-510 of the
     2  administrative code of the city of New York is  renumbered  paragraph  4
     3  and a new paragraph 3 is added to read as follows:
     4    (3)  all  other  sources  of  income from buildings containing housing
     5  accommodations subject to  this  law  including,  but  not  limited  to,
     6  commercial  rents  and  rent from unregulated residential units, and the
     7  extent to which such changes offset changes in cost,
     8    § 2. This act shall take effect immediately, provided,  however,  that
     9  the  amendments to section 26-510 of chapter 4 of title 26 of the admin-
    10  istrative code of the city of New York made by section one of  this  act
    11  shall  expire  on the same date as such law expires and shall not affect
    12  the expiration of such law as provided under section 26-520 of such law.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00857-01-1
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