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S01493 Summary:
| BILL NO | S01493 |
| SAME AS | SAME AS A05373 |
| SPONSOR | KRUEGER |
| COSPNSR | AVELLA, HASSELL-THOMPSON, HOYLMAN, LATIMER, MONTGOMERY, PARKER, PERALTA, PERKINS, SERRANO, STAVISKY, STEWART-COUSINS |
| MLTSPNSR | |
| Amd SS26-405 & 26-511, NYC Ad Cd; amd S6, Emerg Ten Prot Act of 1974; amd S4, Emerg Hous Rent Cont L | |
| Establishes a methodology for determining major capital improvements (MCI) rent surcharges; provides that such MCI shall be calculated as a rent surcharge and shall not become part of the base legal regulated rent by which rent increases are calculated, and requires the amount thereof to be separately designated and billed as such; codifies current practices regarding the annual 6% cap on MCI increases and the methodology for determining MCI surcharges based on the number of rooms; requires that rent surcharges authorized for major capital improvements shall cease when the cost of the improvement has been recovered. | |