New York S01656 amends rent increase regulations for major capital improvements in housing accommodations.

New York S01656 amends the administrative code to approve major capital improvement rent increases and extend the period for recovering improvement expenses. It specifies conditions for rent increases, including the need for improvements to be essential for building preservation and energy efficiency. The bill also sets a six percent annual limit on rent increases and mandates that any excess be collected in future years.

New York S01656 amends rent increase regulations for major capital improvements in housing accommodations.

New York S01656 amends the administrative code to approve major capital improvement rent increases and extend the period for recovering improvement expenses. It specifies conditions for rent increases, including the need for improvements to be essential for building preservation and energy efficiency. The bill also sets a six percent annual limit on rent increases and mandates that any excess be collected in future years.