Repeals provisions relating to the establishment of maximum base rents using the maximum gross building rental formula.
Summary
This bill repeals paragraphs 3 and 4 of subdivision a of section 26-405 of the New York City Administrative Code. Those provisions relate to how maximum base rents are established using the maximum gross building rental formula. By removing those paragraphs, the bill would eliminate the current statutory language governing that rent-setting method.
The measure is narrowly focused on New York City rent regulation law and does not create a new program or impose a new regulatory scheme. Its practical effect would be to change the legal framework used to calculate maximum base rents for affected rent-regulated housing, potentially altering how rents are determined for certain buildings and tenants covered by the city’s rent laws.
Impact
If enacted, the bill would amend the New York City Administrative Code by repealing two specific provisions in section 26-405. The affected parties would be owners and tenants in rent-regulated housing subject to the maximum base rent system, particularly where the maximum gross building rental formula is used. Because the bill is a repeal, it would remove existing statutory authority rather than add new requirements, and any resulting rent-calculation changes would depend on how the remaining law is interpreted and administered.
Sentiment
Based on the bill text and the absence of recorded committee debate or votes, the available record suggests a straightforward policy proposal with no documented public controversy in the materials provided. The sponsors appear to support simplifying or changing the rent-calculation rules, but there is no transcript evidence here showing broader legislative support or opposition. Overall sentiment cannot be measured from votes or hearings because none are included.
Contention
The main point of contention, based on the subject matter, would likely be whether repealing the maximum gross building rental formula provisions helps modernize rent regulation or instead removes an important safeguard in setting maximum base rents. Potential supporters may view the repeal as a technical cleanup or a needed correction to outdated rent formulas, while opponents may worry it could affect affordability, tenant protections, or predictability for regulated landlords. No specific objections or endorsements are documented in the provided materials.