Increases penalties for owners of rent-regulated property who overcharge tenants

Senate Bill S 467 seeks to increase the financial penalties for owners of rent-regulated properties who are found to have overcharged their tenants. The bill raises the penalty for willful rent overcharges from three times the overcharge amount to five times the overcharge amount. This change applies to rent-regulated housing accommodations under both the Emergency Tenant Protection Act and the Administrative Code of the City of New York. Additionally, it specifies that a voluntary rent adjustment or refund after a complaint has been filed will not be considered evidence that the overcharge was not willful.