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The Rent Guidelines Board (RGB) recently voted for a rent increase of 1.25 percent for one-year rent-stabilized leases and 2 percent for two-year leases. This year’s vote represents the end of a two-year rent freeze.
Of the nine-member board, the two votes against came from representatives for building owners. The building owners representatives argued that the rent increases weren’t high enough to adequately cover the rising costs of operating buildin...
The Rent Guidelines Board (RGB) recently voted for a rent increase of 1.25 percent for one-year rent-stabilized leases and 2 percent for two-year leases. This year’s vote represents the end of a two-year rent freeze.
Of the nine-member board, the two votes against came from representatives for building owners. The building owners representatives argued that the rent increases weren’t high enough to adequately cover the rising costs of operating buildin...
On May 24, the City Council passed heating legislation and Mayor de Blasio recently signed it into law. The legislation sets the overnight temperature requirement at 62 degrees. This is an increase from 55 degrees, the prior standard temperature from 10 PM to 6 AM during the heating season from Oct. 1 to May 31.
Local Law 153 of 2016 recently went into effect. The law requires the owner of a dwelling to provide residential tenants with a notice regarding procedures that should be followed when a gas leak is suspected.
On June 6, New York Apartment Law Insider received the First Place Award for Best Business Newsletter, presented by the Specialized Information Publisher’s Association (SIPA) at its annual conference in Washington, D.C.
The judges based their decision on 2016 issues in which editor Eric Yoo explained:
New bills sponsored by Councilman Ritchie Torres, D-Bronx, are focused on helping transition the homeless out of shelters. One part of the legislative package is intended to build landlords' trust in city programs that help formerly homeless people pay rent.
The City Council’s Committee on Housing and Buildings recently heard more than a dozen bills that would enhance tenant protections and combat abuses by owners. Among those proposals was one that would create a new ombudsman within the Department of Buildings whose responsibility would be to prioritize the welfare of tenants when property owners and builders apply for construction permits.
A diverse coalition of civil justice leaders, homeowners, and landlords recently filed a lawsuit charging that the property tax system is racially biased. The coalition, Tax Equity Now NY (TENNY), filed suit in Manhattan Supreme Court backed up by data collected by former city finance commissioner Martha Stark mapping out a disparity that hurts certain homeowners and renters.
According to income and expense data recently released by the Rent Guidelines Board, owners’ net operating income rose 10.8 percent in 2015 and operating costs rose 1.1 percent from 2014 to 2015. This is the 11th consecutive year that net operating income has increased, and it represents the highest recorded increase since 1997 to 1998.
New York State Supreme Court Judge Debra James recently upheld the Rent Guidelines Board’s 2016 decision to freeze rents for all stabilized rental units in the City of New York. It was the second year in a row that the RGB chose to freeze rents for stabilized units.
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