Provides an alternative hardship allowance based on 8 1/2% of assessed value

Summary

The bill lets owners of buildings they (or a related entity they control) bought at least three years ago apply for rent guideline increases above the normal level if a housing commissioner finds the normal increase won’t let them earn an 8.5% net return on the property’s assessed value. It amends city rent‑stabilization and emergency tenant‑protection rules to add this hardship allowance.

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