As of March 5, 2018, new permit fees specified in Local Law 56 of 2016 are in effect. According to DOB’s recent service update, there are three categories of new permit fees:
On Jan. 22, the DHCR issued new fuel cost adjustment factors for rent-controlled apartments for the 2017 calendar year. The prices are based on a study of home heating oil prices provided by the NYC Rent Guidelines Board oil survey, a NYS Energy Research and Development Authority report, rate...
Rent-regulated apartments with a legal or maximum monthly rent that reaches or exceeds $2,733.75 may be petitioned for high-income rent deregulation. The Rent Act of 2015 amended the rent threshold for high-rent vacancy deregulation and high-income high-rent deregulation by raising the threshold...
On Jan. 17, the NYC Department of Finance (DOF) announced the publication of the tentative property assessment roll for fiscal year 2019. At this time, the DOF sends each owner a Notice of Property Value, which is the tentative assessment for the next fiscal year conveying the market value of...
The Division of Housing and Community Renewal (DHCR) recently updated Fact Sheet #40 on preferential rents and rent concessions. Fact sheets provide information to the public on rent regulation. The updated fact sheet reflects changes the Rent Act of 2015 made to vacancy allowances after a...
Established in 1971 when NYC officials were concerned about the drop in residential construction as residents were moving to the suburbs, the 421-a tax exemption program gave developers an incentive to build on vacant land. The program offered a 10-year tax exemption for building multi-unit...
The Division of Housing and Community Renewal (DHCR) recently announced a cut in this year’s air-conditioner rent surcharge for owners who pay for electricity. It set the monthly surcharge at $26.02, down 63 cents from $26.65 last year. This year’s decrease reflects the decrease in...
During the previous “heat season,” the Department of Housing Preservation and Development (HPD) fielded 200,224 heat complaints. The current heat season begins on Oct. 1 and continues through May 31, 2018. During this time period, residential building owners with tenants are required...
You must file an Annual Apartment Registration application with the DHCR for every rent-stabilized apartment you own by July 31, 2017, using the DHCR’s online Owner Rent Regulation Application system. As in past years, the penalty for not filing is stiff: You can’t collect a rent...
The NYC Department of Finance (DOF) requires certain owners of residential properties to file the Real Property Income & Expense Statement (RPIE) every year. The DOF needs income and expense information each year to value your property accurately.
Local Law 84 (LL84) requires owners of large buildings to annually measure their energy and water consumption in a process called benchmarking. LL84 standardizes this process by requiring building owners to enter their annual energy and water use in the U.S. Environmental Protection Agency...
You probably know that if you promptly refund an overcharge to a tenant who has filed a rent overcharge complaint against you, the Division of Housing and Community Renewal (DHCR) shouldn’t order you to pay triple damages for the amount of the overcharge. There are numerous DHCR decision...
