Relates to renewal of a lease under the stabilization code promulgated by the real estate industry stabilization association

This bill (A 1249) amends New York City's rent stabilization law to regulate when landlords can demolish buildings for redevelopment. It directly affects tenants in rent-stabilized housing who face potential displacement due to building demolition. Key provisions require landlords to prove a building is substandard, obtain building permits, and file demolition applications 90 days before lease expiration. Landlords must then offer tenants one of three options: relocation to comparable housing nearby with same/low rent plus a $5,000 stipend, relocation with a rent-difference stipend, or a calculated stipend based on a city chart.