Establishes a maximum rent of one-third of household income for senior citizens and disability rent increase exemptions.

This bill amends the real property tax law and the administrative code of New York City to establish a maximum rent of one-third of household income for the senior citizens rent increase exemption and disability rent increase exemption. The amendments ensure that landlords cannot collect rent increases that exceed this maximum limit for eligible households. The changes apply to rent increases occurring after the eligibility date and are effective immediately.

Establishes a maximum rent of one-third of household income for senior citizens and disability rent increase exemptions.

This bill amends the real property tax law and the administrative code of New York City to establish a maximum rent of one-third of household income for the senior citizens rent increase exemption and disability rent increase exemption. The amendments ensure that landlords cannot collect rent increases that exceed this maximum limit for eligible households. The changes apply to rent increases occurring after the eligibility date and are effective immediately.