A 887: Provides that in cities with a population of one million or more, the rent following the dissolution date of Mitchell-Lama developments shall be the last rent authorized for the affected dwelling.

  
  STATE OF NEW YORK ________________________________________________________________________ 887 2025-2026 Regular Sessions  IN ASSEMBLY (Prefiled) January 8, 2025 ___________ Introduced by M. of A. ROSENTHAL, BENEDETTO, COOK, DINOWITZ, COLTON -- Multi-Sponsored by -- M. of A. GLICK, HEVESI -- read once and referred to the Committee on Housing AN ACT to amend the private housing finance law, in relation to limited profit housing companies in a city with a population of one million or more The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The private housing finance law is amended by adding a new 2 section 35-b to read as follows: 3 § 35-b. Rent following dissolution. 1. As used in this section, the 4 following terms shall have the following meanings: 5 (a) "Affected development" shall mean housing accommodations that (i) 6 prior to the dissolution date were operated as a rental development 7 pursuant to this article; and (ii) following the dissolution date are 8 subject to the rent stabilization law of nineteen hundred sixty-nine or 9 the emergency tenant protection act of nineteen seventy-four. 10 (b) "Affected dwelling unit" shall mean a housing unit in an affected 11 development. 12 (c) "Affected housing company" shall mean a limited-profit housing 13 company with an affected development. 14 (d) "Dissolution date" shall mean, with respect to any affected devel- 15 opment, the date of dissolution or reconstitution of the affected hous- 16 ing company with such affected development pursuant to section thirty- 17 five of this article. 18 2. Notwithstanding the provisions of any general, special or local 19 law: (a) the initial legal regulated rent for any affected dwelling 20 unit on and after the dissolution date shall be the last rent authorized 21 for the affected dwelling unit before the dissolution date, including 22 rental surcharges, if any, and (b) such legal regulated rent shall not EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02973-01-5 
 A. 887 2 1 at any time be subject to adjustment pursuant to subdivision a of 2 section 26-513 of the administrative code of the city of New York, or 3 subdivision a of section nine of the emergency tenant protection act of 4 nineteen seventy-four. 5 § 2. This act shall take effect immediately.