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On April 17, Mayor Adams signed into law a comprehensive package of legislation that significantly reforms New York City’s sidewalk shed regulations. The new laws tighten shed permit rules, introduce stricter penalties, and update the city’s façade inspection requirements.

The NYC Department of Finance requires certain owners of residential properties to file the Real Property Income & Expense Statement (RPIE) every year. The DOF uses the information from this filing to value your property accurately for the upcoming tax year. If you miss the filing deadline, the penalty is up to 5 percent of your property’s actual assessed value.

These reports provide insight into the economic pressures facing both tenants and property owners and are key to understanding the rationale behind proposed rent adjustments. We highlight the findings.

We go over who qualifies to perform inspections, explain what’s involved in the inspection process, and provide details on the deadlines and penalties tied to noncompliance.

Each month our sister publication, NEW YORK LANDLORD V. TENANT, summarizes about 50 decisions by the courts and the DHCR involving owners and tenants. Here are three from the most recent issue.