New York City Local Law 30 of 1970 stipulates that Maximum Base Rents be established for rent-controlled apartments according to a formula calculated to reflect real estate taxes, water and sewer charges, operating and maintenance expenses, return on capital value, and vacancy and collection...
Unsurprisingly, the majority of the items show a cost increase from 2023 to 2024.
On Jan. 3, the DHCR issued its third update to Operational Bulletin 2021-1. When the Housing Stability and Tenant Protection Act (HSTPA) was enacted, it directed the DHCR to...
The Rent Guidelines Board (RGB) is mandated by law to establish yearly rent adjustments for rent-stabilized apartments in New York City. The board holds an annual series of public meetings and hearings to consider research from staff and testimony from owners, tenants, advocacy groups, and...
On Jan. 4, the DHCR issued its second update to Operational Bulletin 2021-1. When the Housing Stability and Tenant Protection Act (HSTPA) was enacted, it directed the DHCR to create a schedule of reasonable costs associated with major capital improvements (MCIs). The document is updated annually...
The Rent Guidelines Board (RGB) is mandated by law to establish yearly rent adjustments for rent-stabilized apartments in New York City. The board holds an annual series of public meetings and hearings to consider research from staff and testimony from owners, tenants, advocacy groups, and...
NYC Local Law 30 of 1970 stipulates that Maximum Base Rents be established for rent-controlled apartments according to a formula calculated to reflect real estate taxes, water and sewer charges, operating and maintenance expenses, return on capital value, and vacancy and collection loss...
On Jan. 4, the DHCR issued update number 1 to Operational Bulletin 2021-1. When the Housing Stability and Tenant Protection Act (HSTPA) was enacted, it directed the DHCR to create a schedule of reasonable costs associated with major capital improvements (MCIs). This is the first uppdate to the...
On May 5, in a preliminary vote, the Rent Guidelines Board (RGB) voted 5 to 4 to consider freezing rents on one-year leases or letting owners raise them up to 2 percent. If the RGB votes to keep rents as is for another year, it would effectively extend the rent freeze RGB approved last summer....
On Jan. 12, the DHCR issued Operational Bulletin 2021-1, which replaces Operation Bulletin 2020-01. According to the DHCR, this bulletin is designed to be updated annually to reflect reasonable costs associated with major capital improvements (MCIs). The annual bulletin allows the DHCR to...
When owners make improvements or installations to a building subject to the rent stabilization or rent control laws, they can apply to the DHCR for approval to raise the rents of the tenants. When the improvement or installation meets certain requirements it will be considered a major capital...
In a preliminary vote held on May 7, the NYC Rent Guidelines Board (RGB) proposed guidelines for rent-stabilized apartments effective Oct. 1, 2020, through Sept. 30, 2021. The board voted 5-4 to endorse freezing rents on one-year leases and the first year of two-year leases signed on or after...
Despite Mayor de Blasio’s announcement in April that the city was working with the state to suspend the Rent Guidelines Board (RGB) meetings, the meetings will be held remotely this year. The mayor said that there were some legal concerns with suspending the board. The RGB is mandated by...
