WeVote
Log In

Bill

Bill

S 3208

Repeals provisions of the administrative code of the city of New York relating to the establishment of maximum base rents using the maximum gross building rental formula; repealer

2025 Regular Session Introduced by Robert Jackson and 1 co-sponsor

Bill S 3208 aims to repeal New York City's formula for setting maximum base rents, potentially increasing rent for tenants in stabilized apartments and impacting landlords.

REFERRED TO HOUSING
0
WeVote Research Nonpartisan
Bill Summary · S 3208

Summary of Bill S 3208

Bill Information

  • Bill Number: S 3208
  • Title: Repeals provisions of the administrative code of the city of New York relating to the establishment of maximum base rents using the maximum gross building rental formula; repealer
  • Status: Committed to Rules
  • Introduced: January 24, 2025
  • Classification: Bill

Purpose and Intent

Bill S 3208 aims to repeal specific provisions within the administrative code of New York City that govern the establishment of maximum base rents for residential properties. The bill specifically targets the maximum gross building rental formula, which is used to calculate allowable rent increases for certain types of housing.

Key Provisions

  • Repeal of Maximum Base Rent Formula: The bill seeks to eliminate the existing formula that determines maximum base rents for residential buildings. This formula has been a critical component in regulating rent increases and ensuring affordability for tenants.
  • Impact on Rent Regulation: By repealing this formula, the bill may lead to changes in how rents are calculated and could potentially affect the overall rent stabilization framework in New York City.

Affected Parties

  • Tenants: The repeal could significantly impact tenants living in rent-stabilized apartments, as it may alter the way their rents are calculated and increase the potential for rent hikes.
  • Landlords: Property owners may experience changes in their ability to increase rents, which could affect their revenue and property management strategies.
  • Housing Advocates: Organizations and individuals advocating for affordable housing may have varying opinions on the repeal, as it could either benefit or harm tenants depending on the broader context of housing policy.

Legislative Timeline

  • January 24, 2025: Bill introduced and referred to the Committee on Housing, Construction and Community Development.
  • February 3, 2025: First report calendar (1st report cal. 218).
  • February 4, 2025: Second report calendar.
  • February 5, 2025: Advanced to third reading.
  • June 13, 2025: Committed to Rules.

Related Bills

  • S 6900: A related bill from the prior legislative session that may address similar issues regarding rent regulation.
  • A 2286: A companion bill in the Assembly that corresponds with S 3208, potentially providing a parallel legislative effort.

Conclusion

Bill S 3208 represents a significant shift in New York City's approach to rent regulation by proposing the repeal of the maximum gross building rental formula. Its passage could have far-reaching implications for both tenants and landlords, making it a critical piece of legislation to monitor as it progresses through the legislative process.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.