Limits initial regulated rents to not exceed the average rent for comparable housing accommodations.

This bill amends the Emergency Tenant Protection Act of 1974 to place limitations on initial regulated rents. It ensures that the initial rent for housing accommodations does not exceed the average rent for a comparable rent-regulated housing accommodation. The bill applies to various types of housing accommodations, including those that were regulated before July 1, 1971, and those that became vacant after July 1, 1971, but before July 1, 1974. The initial rent can be adjusted on application of the tenant. The commissioner can provide a cash refund or credit for any overcharge.

Limits initial regulated rents to not exceed the average rent for comparable housing accommodations.

This bill amends the Emergency Tenant Protection Act of 1974 to place limitations on initial regulated rents. It ensures that the initial rent for housing accommodations does not exceed the average rent for a comparable rent-regulated housing accommodation. The bill applies to various types of housing accommodations, including those that were regulated before July 1, 1971, and those that became vacant after July 1, 1971, but before July 1, 1974. The initial rent can be adjusted on application of the tenant. The commissioner can provide a cash refund or credit for any overcharge.