Establishes income eligibility requirements for certain rent-regulated housing accommodations in New York City.

The bill sets income eligibility requirements for tenants in rent-regulated housing accommodations in New York City. Tenants must have an income not exceeding 125% of the area median income to be eligible. Those whose income exceeds this threshold will be ineligible to occupy such housing accommodations. The bill also outlines exemptions and penalties for violations, including a three-year exemption from eviction for tenants whose income increases above the threshold. The Division of Homes and Community Renewal and the Department of Taxation and Finance will implement these provisions.

Establishes income eligibility requirements for certain rent-regulated housing accommodations in New York City.

The bill sets income eligibility requirements for tenants in rent-regulated housing accommodations in New York City. Tenants must have an income not exceeding 125% of the area median income to be eligible. Those whose income exceeds this threshold will be ineligible to occupy such housing accommodations. The bill also outlines exemptions and penalties for violations, including a three-year exemption from eviction for tenants whose income increases above the threshold. The Division of Homes and Community Renewal and the Department of Taxation and Finance will implement these provisions.