Management Basics

What You Need to Know about NYC Heat Law Requirements

September 25, 2023    

The beginning of New York City’s eight-month-long “heat season” is coming soon, and owners must comply with the temperature requirements in NYC heat laws during the colder months. During heat season, HPD responds to all heat and hot water complaints and, if adequate heat and...

DHCR Issues Updated Renewal Lease Form

July 25, 2023    

The DHCR recently updated NYC Renewal Lease Form (RTP-8) to incorporate the requirements of Rent Guidelines Board Order (RGBO) #55. The RGBO applies to renewal leases for rent-stabilized apartments, beginning anytime on or after Oct. 1, 2023, through Sept. 30, 2024.

File 2023 Rent Registrations Online by July 31

June 22, 2023    

You can’t collect a rent increase—or even apply for one—until you file.

 

You must file an Annual Apartment Registration application with the DHCR for every rent-stabilized apartment you own by July 31, 2023, using the DHCR’s online Owner Rent...

File RPIE Statements, Storefront Registry Filings with DOF by June 1

April 23, 2023    

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 uses income and expense information gathered each year from this filing to value your property accurately for the upcoming tax...

Large Building Owners to Submit Benchmarking Data by May 1

March 24, 2023    

Failure to benchmark will result in a violation and a penalty of $500.
 

Local Law 84 (LL84) requires owners of large buildings to measure their energy and water consumption annually in a process called benchmarking. LL84 standardizes this process by requiring building owners...

DHCR Updates Documents to Reflect Private Housing Finance Law

March 24, 2023    

PHFL allows higher rent collection for certain low-income housing projects.

 

On Dec. 15, 2022, Governor Hochul signed Section 610 of the Private Housing Finance Law (PHFL) to resolve a conflict for low-income housing owners between their rental subsidy program and rent...

OSE Opens Short-Term Rental Registration Portal

March 24, 2023    

In the December 2022 issue of the Insider, we highlighted the Mayor’s Office of Special Enforcement (OSE) proposed rules to implement Local Law 18, the short-term rental registration law (see...

DEP Announces Temporary Amnesty Program for Overdue Water Bills

February 21, 2023    

On Jan. 30, Mayor Eric Adams and NYC Department of Environmental Protection (DEP) Commissioner Rohit T. Aggarwala announced a temporary amnesty program for overdue water bills. Amnesty means forgiveness, and in this context, it means partial or complete interest forgiveness for qualified...

DOF to Conduct Notice of Property Value Information Sessions

February 21, 2023    

In the last issue of the Insider, we notified you that the NYC Department of Finance published the tentative property assessment roll for fiscal year 2023 (see DOF Publishes FY 2023...

DOF Publishes FY 2023 Tentative Assessment Roll

January 25, 2023    

On Jan. 18, the NYC Department of Finance (DOF) announced the publication of the tentative property assessment roll for fiscal year (FY) 2023, which shows the total market value of all New York City properties for the upcoming year at about $1.398 trillion, an increase of 8.2 percent from the...

Compliance Reminder: Provide Updated Annual Stove Knob Cover Notices

January 25, 2023    

Stove knob covers are an important fire prevention tool. The covers make stove knobs on gas-powered stoves inaccessible to children. Local Law 117, which became effective in December 2018, requires that an owner of multiple dwellings provide stove knob covers for gas-powered stoves where the...

Complete Annual Bedbug Reporting Requirement with HPD by Dec. 31

November 30, 2022    

Each year, apartment building owners are required to file bedbug infestation and treatment reports with HPD. Owners must file annually between Dec. 1 and Dec. 31 for the previous year—which currently means from November 2021 through October 2022.