Vote Smart's Synopsis:

Vote to pass a bill that amends existing statutes concerning rent regulation.

Highlights:

• Reduces the authorized rent increase for a vacancy lease from 20 percent of the previous rent to 10 percent of the previous rent (Part B).

• Limits the number of rent increases that can be applied to vacancy leases to 1 increase per year, regardless of the number of vacancy leases (Part B).

• Reduces the amount that landlords may charge tenants for modifications involving a substantial increase or decrease in dwelling space, or a change in the services or furniture provided in the housing accommodations, from one-fortieth of the cost of the modifications to one-sixtieth of the cost of the modifications, including installation fees but excluding finance charges (Part F).

• Authorizes the State Division of Housing and Community Renewal to issue an order exempting a housing unit from the provisions of this act, provided that both of the following are true (Part L):
• The total combined annual income of the tenant and co-tenants exceeds the income threshold for high income rent deregulation; and
• The monthly rent for the housing unit exceeds the rent threshold for high income rent deregulation.

• Increases the income threshold for high income rent deregulation from $175,000 per year to $300,000 per year (Part L).

• Increases the rent threshold for high income rent deregulation from $2,000 to $3,000 per month (Part L).

• Limits the number of housing units that a landlord may repossess for personal use to no more than 1 housing unit for use as the landlord's primary residence, or as a residence for an immediate family member, and specifies that the reason for repossession must be of "immediate and compelling necessity" (Part A).

• Prohibits the repossession of a housing unit in the following situations (Part A):
• The tenant or spouse of the tenant is 62 years of age or older;
• The tenant has been a tenant in the housing unit for 20 years or more; or
• The tenant has an impairment resulting from an anatomical, physiological, or psychological condition which would prevent the tenant from engaging in any gainful employment.

• Specifies that federally-subsidized housing is subject to the same rent regulations as non-subsidized housing, whereas existing law exempted subsidized housing from rent regulations (Part C).

• Extends the expiration date for rent regulations from June 2011 to June 2016 (Part E).

Full Bill Text