Allows hardship rent increases for New York City landlords if net income is below 8.5% of assessed value.

New York Assembly Bill A07527 amends the administrative code and the Emergency Tenant Protection Act of 1974 to provide an alternative hardship allowance for landlords in rent-controlled apartments. This allowance permits a hardship rent increase if a building's annual net income is less than 8.5 percent of the equalized assessed value. The bill defines net annual return and specifies criteria for the allowance, including adjustments for depreciation and fully depreciated buildings. The amendment remains in effect only as long as the public emergency requiring rent regulation continues.

Allows hardship rent increases for New York City landlords if net income is below 8.5% of assessed value.

New York Assembly Bill A07527 amends the administrative code and the Emergency Tenant Protection Act of 1974 to provide an alternative hardship allowance for landlords in rent-controlled apartments. This allowance permits a hardship rent increase if a building's annual net income is less than 8.5 percent of the equalized assessed value. The bill defines net annual return and specifies criteria for the allowance, including adjustments for depreciation and fully depreciated buildings. The amendment remains in effect only as long as the public emergency requiring rent regulation continues.