New York S06452 mandates reporting of rent concessions to the Division of Housing and Community Renewal and requires annual statements to include net.

New York S06452 amends the Emergency Tenant Protection Act of 1974, the administrative code of the City of New York, and the real property tax law. It requires landlords to report rent concessions to the Division of Housing and Community Renewal. Concessions include rebates, discounts, and other inducements to sign or renew leases. The bill mandates that annual statements filed with the division include a statement of net effective rent for units with concessions. This net effective rent reflects the average monthly rent paid by tenants, accounting for the value of any concessions.

New York S06452 mandates reporting of rent concessions to the Division of Housing and Community Renewal and requires annual statements to include net.

New York S06452 amends the Emergency Tenant Protection Act of 1974, the administrative code of the City of New York, and the real property tax law. It requires landlords to report rent concessions to the Division of Housing and Community Renewal. Concessions include rebates, discounts, and other inducements to sign or renew leases. The bill mandates that annual statements filed with the division include a statement of net effective rent for units with concessions. This net effective rent reflects the average monthly rent paid by tenants, accounting for the value of any concessions.