New York A 7527: Designates certain zip codes as cease and desist zones

Bill Text

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A07527 Summary:

BILL NOA07527 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORFitzpatrick (MS)

&nbsp

COSPNSRTague

&nbsp

MLTSPNSRManktelow

&nbsp

Amd §§26-405 & 26-511, NYC Ad Cd; amd §6, Emerg Ten Prot Act of 1974

&nbsp

Provides for an alternative hardship allowance for landlords in New York city rent controlled apartments which allows a hardship rent increase where a building's annual net income is less than 8.5 percent of the equalized assessed value.

Go to top A07527 Actions:

BILL NOA07527 

&nbsp

04/01/2025referred to housing

01/07/2026referred to housing

Go to topA07527 Committee&nbspVotes:

Go to topA07527 Floor&nbspVotes:

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

Go to topA07527 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7527

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 1, 2025
 ___________

 Introduced by M. of A. FITZPATRICK, TAGUE -- Multi-Sponsored by -- M. of
 A. MANKTELOW -- read once and referred to the Committee on Housing

 AN ACT to amend the administrative code of the city of New York and the
 emergency tenant protection act of nineteen seventy-four, in relation
 to providing an alternative hardship allowance

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

 1 Section 1. The opening paragraph of subparagraph (a) of paragraph 1 of
 2 subdivision g of section 26-405 of the administrative code of the city
 3 of New York is amended to read as follows:
 4 The rental income from a property yields a net annual return of less
 5 than [six] eight and one-half per centum of the valuation of the proper-
 6 ty.
 7 § 2. Subdivision c of section 26-511 of the administrative code of the
 8 city of New York is amended by adding a new paragraph 6-b to read as
 9 follows:
 10 (6-b) provides criteria whereby as an alternative to the hardship
 11 application provided under paragraph six or paragraph six-a of this
 12 subdivision owners of buildings acquired by the same owner or a related
 13 entity owned by the same principals three years prior to the date of
 14 application may apply to the state division of housing and community
 15 renewal for increases in excess of the level of applicable guideline
 16 increases established under this law based on a finding by the commis-
 17 sioner of housing and community renewal that such guideline increases
 18 are not sufficient to enable the owner to maintain a net annual return
 19 of eight and one-half per centum of the valuation of the property. Such
 20 valuation shall be the current assessed valuation, which is in effect at
 21 the time of the filing of the application for an adjustment under this
 22 paragraph properly adjusted by applying thereto the ratio which such
 23 assessed valuation bears to the full valuation as determined by the
 24 commissioner of taxation and finance. Net annual return shall be the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04362-01-5

 A. 7527 2

 1 amount by which the earned income exceeds the operating expenses of the
 2 property, excluding mortgage interest and amortization, and excluding
 3 allowances for obsolescence and reserves, but including an allowance for
 4 depreciation of two per centum of the value of the buildings exclusive
 5 of the land, or the amount shown for depreciation of the buildings in
 6 the latest required federal income tax return, whichever is lower;
 7 provided, however, that no allowance for depreciation of the buildings
 8 shall be included where the buildings have been fully depreciated for
 9 federal income tax purposes or on the books of the owner.
 10 § 3. Subdivision d of section 6 of section 4 of chapter 576 of the
 11 laws of 1974, constituting the emergency tenant protection act of nine-
 12 teen seventy-four, is amended by adding a new paragraph 6 to read as
 13 follows:
 14 (6) as an alternative to the hardship application provided under para-
 15 graph four or five of this subdivision owners of buildings acquired by
 16 the same owner or a related entity owned by the same principals three
 17 years prior to the date of application may apply to the state division
 18 of housing and community renewal for increases in exces