Extends the authority of the local housing agency in New York city to restructure rents in certain residential buildings

This bill extends the deadline for New York City's local housing agency to restructure rents in specific residential buildings from June 2024 to June 2027. The provision allows the agency to adjust initial rents on loans for existing multi-unit dwellings, ensuring these units remain under rent stabilization rules. By delaying the expiration of this authority, the legislation gives the agency more time to manage rent restructuring efforts in the city's housing market.