The rush didn’t matter: New MCI rules apply to applications filed before new rent law took effect

Landlords who rushed to apply for rent hikes before the new rent stabilization law took effect may not be able to escape new restrictions on the major capital improvements program. Under the Housing Stability and Tenant Protection Act of 2019, which was enacted on June 14, properties can only qualify for MCIs — rent increases granted in exchange for building-wide improvements — if more than 35 percent of their apartments are rent stabilized. In the

source https://therealdeal.com/2019/11/05/the-rush-didnt-matter-new-mci-rules-apply-to-applications-filed-before-new-rent-law-took-effect/