State bill would stop rent increases attributed to major property upgrades

  Two New York State lawmakers have proposed legislation to prohibit rent increases to affordable housing that has undergone major renovations or upgrades. Under the current Major Capital Improvements program, owners of rent-stabilized or affordable properties can increase rents by up to 6 percent if upgrades are made to buildings, or if new windows, boilers and roofs are installed. But there have been multiple documented cases where landlords continue to increase rents even after the […]

source https://therealdeal.com/2018/08/29/state-bill-would-stop-rent-increases-attributed-to-major-property-upgrades/