New York A01496 amends the administrative code to allow property owners to waive rent adjustments for major capital improvements.

New York A01496 amends the administrative code of the city of New York to modify the waiver of rent adjustments attributable to major capital improvements. Property owners can now waive a portion of the rent adjustment equal to the total annual amount of tax abatement benefits received for such improvements. This waiver must be filed with the New York State Division of Housing and Community Renewal. The waiver does not apply to substantial rehabilitation of vacant buildings or those with substantial city, state, or federal subsidies.

New York A01496 amends the administrative code to allow property owners to waive rent adjustments for major capital improvements.

New York A01496 amends the administrative code of the city of New York to modify the waiver of rent adjustments attributable to major capital improvements. Property owners can now waive a portion of the rent adjustment equal to the total annual amount of tax abatement benefits received for such improvements. This waiver must be filed with the New York State Division of Housing and Community Renewal. The waiver does not apply to substantial rehabilitation of vacant buildings or those with substantial city, state, or federal subsidies.