New York A 11226: Authorizes owners of certain condominium units to apply to raise rents in excess of certain guidelines as an alternative to making a hardship application

Bill Text

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A11226 Summary:

BILL NOA11226 

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SAME ASNo Same As

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SPONSORFitzpatrick

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COSPNSR

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MLTSPNSR

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

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Authorizes owners of certain condominium units to apply to raise rents in excess of certain guidelines as an alternative to making a hardship application, where such raise is necessary to exceed annual operating expenses by at least 5%.

Go to top A11226 Actions:

BILL NOA11226 

&nbsp

05/01/2026referred to housing

Go to topA11226 Committee&nbspVotes:

Go to topA11226 Floor&nbspVotes:

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

Go to topA11226 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 11226

 IN ASSEMBLY

 May 1, 2026
 ___________

 Introduced by M. of A. FITZPATRICK -- 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 authorizing owners of certain condominium units to apply to raise
 rents in excess of certain guidelines as an alternative to making a
 hardship application

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

 1 Section 1. Paragraph 6-a of subdivision c of section 26-511 of the
 2 administrative code of the city of New York is amended to read as
 3 follows:
 4 (6-a) provides criteria whereby as an alternative to the hardship
 5 application provided under paragraph six of this subdivision owners of
 6 buildings, or owners of one or more condominium units in a building,
 7 acquired by the same owner or a related entity owned by the same princi-
 8 pals three years prior to the date of application may apply to the divi-
 9 sion for increases in excess of the level of applicable guideline
 10 increases established under this law based on a finding by the commis-
 11 sioner that such guideline increases are not sufficient to enable the
 12 owner to maintain an annual gross rent income for such building or
 13 condominium unit which exceeds the annual operating expenses of such
 14 building or condominium unit by a sum equal to at least five percent of
 15 such gross rent, which for condominium units shall be based on the
 16 lawfully allowable rent for such units. For the purposes of this para-
 17 graph, operating expenses shall consist of the actual, reasonable, costs
 18 of fuel, labor, utilities, taxes, other than income or corporate fran-
 19 chise taxes, fees, permits, necessary contracted services and non-capi-
 20 tal repairs, insurance, parts and supplies, management fees and other
 21 administrative costs and mortgage interest; provided, however, that for
 22 condominium units operating expenses shall consist of all costs attrib-
 23 utable to such units, including common charges and assessments levied by
 24 the condominium association for such units, taxes, insurance, non-capi-
 25 tal repairs and mortgage interest. For the purposes of this paragraph,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15649-01-6

 A. 11226 2

 1 mortgage interest shall be deemed to mean interest on a bona fide mort-
 2 gage including an allocable portion of charges related thereto. Criteria
 3 to be considered in determining a bona fide mortgage other than an
 4 institutional mortgage shall include; condition of the property,
 5 location of the property, the existing mortgage market at the time the
 6 mortgage is placed, the term of the mortgage, the amortization rate, the
 7 principal amount of the mortgage, security and other terms and condi-
 8 tions of the mortgage. The commissioner shall set a rental value for any
 9 unit occupied by the owner or a person related to the owner or unoccu-
 10 pied at the owner's choice for more than one month at the last regulated
 11 rent plus the minimum number of guidelines increases or, if no such
 12 regulated rent existed or is known, the commissioner shall impute a rent
 13 consistent with other rents in the building. The amount of hardship
 14 increase shall be such as may be required to maintain the annual gross
 15 rent income as provided by this paragraph. The division shall no