Makes reclassification of rent controlled dwelling retroactive to time of decrease in income of members of household of dwelling

This bill (S 631) helps rent-controlled tenants with tax abatements who experience a significant income drop. If a household’s combined income decreases by more than 20% after receiving a tax abatement, they can apply to lower their rent to match the original rent-to-income ratio. The adjusted rent can be made retroactive to when the income dropped, but only back to the date of their most recent approved application (not further). It applies specifically to households with rent-controlled units under existing tax abatement programs.