Relates to limited profit housing companies

Bill A 3203 extends rent stabilization protections to tenants in buildings previously regulated under New York's Mitchell-Lama housing program or federal Section 8 contracts when those programs end. It prevents sudden rent increases by setting the initial regulated rent at the amount paid 180 days before the law's effective date for affected units. This applies to properties owned by limited-profit housing companies that dissolved or exited federal rental assistance programs. The bill aims to maintain housing stability for tenants in these buildings, avoiding abrupt loss of regulated housing. It directly affects tenants and landlords in specific older buildings transitioning out of government-regulated programs.