Places limits on rent adjustments for major capital improvements

This bill limits rent increases for major building improvements like heating, roofing, or plumbing upgrades in New York City. It requires landlords to spread these costs over 12 years for buildings with 35 or fewer units, or 12.5 years for larger buildings, and caps annual rent hikes at 2% per year. Landlords must first apply for benefits under Section 11-243 before seeking rent adjustments, and increases cannot be retroactive or exceed the 2% annual limit. The policy directly affects landlords seeking rent increases for capital improvements and tenants in rent-regulated buildings.