Repeals provisions of the administrative code of the city of New York relating to the establishment of maximum base rents using the maximum gross building rental formula; repealer

This bill removes two specific sections of New York City's administrative code that previously allowed the city to set maximum base rents using a formula based on total gross building rental income. By repealing these provisions, the legislation eliminates the legal authority for the city to calculate rent caps in this specific manner, directly affecting the process by which rent regulations are established. The changes take effect immediately upon passage, altering the existing framework for how maximum base rents are determined under the city's administrative rules.