N.Y. PVH Law § 608-A

* § 608-a. Rent regulation of rehabilitated multiple dwellings\nacquired and reconveyed by the federal government. 1. For the purposes\nof this section:\n (a)"Agency" shall mean a department of housing preservation and\ndevelopment in a city having a population of one million or more.\n (b) "Eligible property" shall mean real property located in a city\nhaving a population of one million or more that has been: (i) acquired\nby the federal government as the result of the foreclosure of a mortgage\nloan insured by the federal government, and (ii) conveyed by the federal\ngovernment to an owner approved by the agency for the purpose of\nundertaking an eligible rehabilitation project.\n (c) "Eligible multiple dwelling" shall mean a multiple dwelling\nlocated on eligible property that has been the subject of an eligible\nrehabilitation project.\n (d) "Eligible rehabilitation project" shall mean the rehabilitation of\nan eligible multiple dwelling in accordance with an agreement between\nthe owner of the eligible property and the federal government.\n 2. Notwithstanding the provision of, or any regulation promulgated\npursuant to, the emergency housing rent control law, the local emergency\nhousing rent control act, the emergency tenant protection act of\nnineteen seventy-four, and/or any local law enacted pursuant thereto,\nupon completion of an eligible rehabilitation project, the agency may\nestablish the initial rent for each dwelling unit within the eligible\nmultiple dwelling. All dwelling units within such building subsequent to\nestablishment of initial rents by the agency shall be subject to the\nemergency housing rent control law, the local emergency housing rent\ncontrol act, the emergency tenant protection act of nineteen\nseventy-four, and/or any local law enacted pursuant thereto, if\napplicable in the municipality in which such building is located, but\nonly if such laws and/or acts would otherwise apply to such dwelling\nunits; provided, however, that substantial rehabilitation work performed\nin the course of an eligible rehabilitation project shall not cause such\nlaws and/or acts to cease to apply to such dwelling units. The tenants\nin occupancy of such dwelling units in such a building that are\nregulated pursuant to such laws and/or acts shall be offered a choice of\na one-year or two-year lease at the initial rent established by the\nagency, notwithstanding any contrary provisions of, or regulations\nadopted pursuant to, such laws and/or acts. The agency shall cause all\ntenants in occupancy of each dwelling unit affected by this subdivision\nto be notified of and have an opportunity to comment upon the\ncontemplated rehabilitation. Such notification shall advise such tenants\nof the approximate expected rent increase and the subsequent\navailability of a one-year or two-year lease. Such notification and\nopportunity to comment shall be provided prior to commencement of the\nrehabilitation and again after its completion before establishment of\nthe initial rents.\n 3. The supervising agency shall use its best efforts to ensure that\nactivities carried out pursuant to this section are structured so as to\nminimize the likelihood of any involuntary economic displacement of\ntenants who reside in multiple dwellings which are the subject of such\nactivities. However, if temporary physical displacement is required as a\ndirect result of rehabilitation work which is performed in the course of\nthe eligible rehabilitation project, suitable temporary relocation\narrangements shall be provided.\n * NB Repealed June 30, 2027\n