Establishes commercial rent regulation in New York City, allowing tenants to renew leases and setting maximum rents.

New York S06633 amends the administrative code to establish commercial rent regulation. It allows tenants of commercial premises to renew their leases and authorizes the rent guidelines board to set maximum rents. The bill outlines specific conditions under which landlords can refuse to renew leases, including persistent rent payment delays and substantial lease breaches. It also mandates that landlords notify tenants of their decision to reoccupy the premises at least one year prior to lease termination.

Establishes commercial rent regulation in New York City, allowing tenants to renew leases and setting maximum rents.

New York S06633 amends the administrative code to establish commercial rent regulation. It allows tenants of commercial premises to renew their leases and authorizes the rent guidelines board to set maximum rents. The bill outlines specific conditions under which landlords can refuse to renew leases, including persistent rent payment delays and substantial lease breaches. It also mandates that landlords notify tenants of their decision to reoccupy the premises at least one year prior to lease termination.