New York S08698 amends the real property law to specify the types of capital improvement costs that allow a manufactured home park to raise rent.

New York S08698 amends the real property law to clarify the types of capital improvement costs that permit a manufactured home park to increase rent beyond the three percent limit over the previous rent price. This bill modifies the definition of capital improvement costs, providing a legal basis for rent increases tied to specific improvements. The changes are intended to ensure that rent adjustments are tied to actual costs incurred by the park, thereby protecting both the park owners and the tenants.

New York S08698 amends the real property law to specify the types of capital improvement costs that allow a manufactured home park to raise rent.

New York S08698 amends the real property law to clarify the types of capital improvement costs that permit a manufactured home park to increase rent beyond the three percent limit over the previous rent price. This bill modifies the definition of capital improvement costs, providing a legal basis for rent increases tied to specific improvements. The changes are intended to ensure that rent adjustments are tied to actual costs incurred by the park, thereby protecting both the park owners and the tenants.