Approves major capital improvement rent increases and extends the length of time over which major capital improvement expenses may be recovered

This bill extends the time landlords in New York City can recover costs for major building improvements (like roof, plumbing, or heating upgrades) from 12 to 12.5 years for buildings with over 35 units, while keeping the 12-year period for smaller buildings. It limits annual rent increases tied to these improvements to 2% per year, requires landlords to notify tenants of the temporary increase amount and effective date, and mandates that work must be verified as completed before increases take effect. The changes apply to buildings with 35+ units and specifically exclude cosmetic repairs or operational costs from qualifying for these rent adjustments. Landlords must also disclose tenant harassment history and ensure no hazardous building violations exist before approval.