New York A11226 allows certain condominium unit owners to request rent increases exceeding guideline limits if necessary to cover operating expenses.

New York A11226 amends the administrative code of the city of New York and the emergency tenant protection act of 1974. It authorizes owners of certain condominium units to apply for rent increases that exceed guideline limits as an alternative to making a hardship application. This provision applies if the rent increase is necessary to exceed annual operating expenses by at least 5%. The bill specifies that operating expenses include costs like fuel, labor, utilities, taxes, fees, and mortgage interest.

New York A11226 allows certain condominium unit owners to request rent increases exceeding guideline limits if necessary to cover operating expenses.

New York A11226 amends the administrative code of the city of New York and the emergency tenant protection act of 1974. It authorizes owners of certain condominium units to apply for rent increases that exceed guideline limits as an alternative to making a hardship application. This provision applies if the rent increase is necessary to exceed annual operating expenses by at least 5%. The bill specifies that operating expenses include costs like fuel, labor, utilities, taxes, fees, and mortgage interest.