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