Requires owner of a multiple dwelling to procure and maintain fire insurance on such multiple dwelling in the amount of the full cost to replace such multiple dwelling; requires owners of multiple dwellings to use insurance proceeds to replace such multiple dwellings; deems void provisions in other documents which are contrary to such insurance requirement; provides that failure to comply with such provisions shall constitute a misdemeanor; gives tenants a right to resume occupancy upon restoration of such multiple dwelling.
Grants the commissioner of buildings of New York city the power to waive provisions of the multiple dwelling law with regard to construction or alteration of multiple dwellings.
Extends certain provisions relating to establishing initial rents in respect of certain loans to owners of existing multiple dwellings to June 30, 2027.