Take Four Steps to Calculate Interest for Rent Overcharge Refunds

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 in which the DHCR denied or revoked triple damages tenants sought for rent overcharges because owners gave tenants rent credits or refunds, plus interest, while the tenants’ complaints were pending. But to avoid that penalty, your refund must also include interest on the overcharge amount.

Full Article Access:

Full access to complete articles from New York Apartment Law Insider is for subscribers only.

Not yet ready to subscribe?