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

This bill increases financial penalties for landlords of rent-regulated housing who charge tenants more than the legally allowed amount. Under the new rules, owners found to have willfully collected overcharges will face fines equal to five times the amount overcharged, whereas non-willful errors would only result in a penalty equal to the overcharge plus interest. The legislation also clarifies how "legal regulated rent" is calculated by using registration statements from up to six years prior and limits penalty assessments to overcharges occurring within that six-year window. Additionally, the bill states that voluntarily lowering rent or refunding money after a complaint is filed will not be seen as proof that the original overcharge was not intentional. These changes apply to owners in cities with populations under one million and certain towns or villages where an emergency has been declared.