New York A 2390: Requires rent concessions to be reported to the division of housing and community renewal

Bill Text

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A02390 Summary:

BILL NOA02390 

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SAME ASSAME AS S06452

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SPONSORGallagher

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COSPNSRForrest

&nbsp

MLTSPNSR

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Amd §12-a, Emerg Ten Prot Act of 1974; amd §26-517, NYC Ad Cd; amd §421-a, RPT L

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Requires rent concessions to be reported to the division of housing and community renewal; requires the inclusion of a statement of net effective rent for units with concessions; requires certain annual statements filed to include reporting of rent concessions.

Go to top A02390 Actions:

BILL NOA02390 

&nbsp

01/16/2025referred to housing

01/07/2026referred to housing

Go to topA02390 Committee&nbspVotes:

Go to topA02390 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA02390 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2390

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 16, 2025
 ___________

 Introduced by M. of A. GALLAGHER, FORREST -- read once and referred to
 the Committee on Housing

 AN ACT to amend the emergency tenant protection act of nineteen seven-
 ty-four, the administrative code of the city of New York and the real
 property tax law, in relation to reporting rent concessions

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Legislative intent and findings. The legislature finds and
 2 declares that the use of rental concessions in rent stabilized apart-
 3 ments to charge one rent to tenants while reporting another rent to the
 4 division of housing and community renewal undermines the purposes of the
 5 rent stabilization laws. It is the intent of the legislature to clarify
 6 that, for the purposes of the emergency tenant protection act of nine-
 7 teen seventy-four or any successor legislation, the amount of rent
 8 charged to and paid by the tenant or any initial adjusted monthly rent
 9 charged and paid refers to the net effective rent, which sum shall
 10 reflect the value of any rental concession. In order to effectuate the
 11 meaning and intent of the rent stabilization laws, rents reported to the
 12 division should equal the net effective rent paid by a tenant based upon
 13 the value of any and all concessions, and in this respect the applica-
 14 tion of the law will be facilitated by including rental concessions and
 15 their value in annual rent registration statements.
 16 § 2. Subdivision f of section 12-a of section 4 of chapter 576 of the
 17 laws of 1974, constituting the emergency tenant protection act of 1974,
 18 as added by chapter 403 of the laws of 1983, is amended to read as
 19 follows:
 20 f. An annual statement shall be filed containing the current rent for
 21 each unit and such other information contained in subdivision a of this
 22 section as shall be required by the division. The owner shall provide
 23 each tenant then in occupancy with a copy of that portion of such annual
 24 statement as pertains to the tenant's unit. Such annual statement shall

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00910-01-5

 A. 2390 2

 1 also contain information relating to any and all concessions granted for
 2 a unit and, in any case where a concession includes a discount on rent
 3 paid for a unit by the tenant, the current rent for each unit reported
 4 by the owner to the division shall equal the net effective rent for such
 5 unit based upon the value of such concession.
 6 (1) For the purposes of this subdivision, the term "concession" shall
 7 mean any temporary adjustment to a lease intended to induce a tenant to
 8 sign or renew such lease, including without limitation a rebate,
 9 discount, waiver, license agreement, proration, money payment, or phys-
 10 ical good or service or access thereto.
 11 (2) For the purposes of this subdivision, the term "net effective
 12 rent" shall mean the average monthly rent charged to and paid by a
 13 tenant over the duration of a tenant's occupancy of a unit pursuant to
 14 an unexpired lease and any related rider or agreement.
 15 § 3. Subdivision f of section 26-517 of the administrative code of
 16 the city of New York is amended to read as follows:
 17 f. An annual statement shall be filed containing the current