On Jan. 22, the DHCR issued new fuel cost adjustment factors for rent-controlled apartments for the 2018 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...
Local Law 55 of 2018, the Asthma-Free Housing Act, became effective on Jan. 19. Under this law, an owner of multiple dwellings will be required to inspect units annually for indoor allergen hazards, such as mice, cockroaches, rats, and mold. And it requires owners to prevent and remove these...
On Jan. 15, the New York City Department of Finance (DOF) announced the publication of the tentative property assessment roll for fiscal year (FY) 2020, which shows the total market value of all New York City properties for the upcoming year at about $1.323 trillion, an increase of $72 billion,...
HPD’s bedbug portal is now available and, for this current filing period, owners have until Jan. 31, 2019, to complete their annual bedbug filing. You can find the online application through HPD’s homepage under the Quick Links section at...
The Division of Housing and Community Renewal (DHCR) recently announced an increase in this year’s air-conditioner rent surcharge for owners who pay for electricity. It set the monthly surcharge at $26.42, up 40 cents from $26.02 last year. This year’s decrease reflects a 1.5 percent...
During the previous “heat season,” the Department of Housing Preservation and Development (HPD) fielded 215,138 heat complaints, an increase of 7.8 percent as compared to the previous heat season. The current heat season begins on Oct. 1 and continues through May 31, 2019. During...
In 2017, Local Law 69 passed requiring all multifamily owners to attempt to obtain bedbug infestation history from tenants, including any remedial or eradication methods they used. By state law, owners were already required to notify prospective tenants about bedbug infestations within the last...
You must file an Annual Apartment Registration application with the DHCR for every rent-stabilized apartment you own by July 31, 2018, using the DHCR’s online Owner Rent Regulation Application system. As in past years, the penalty for...
In January 2014, the DHCR adopted amendments to the Rent Stabilization Code (RSC). Among the amendments were more exceptions made to the “four-year rule”—the four-year statute of limitations or time limit to initiate an overcharge complaint. Generally, the statute of...
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...
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.
The DHCR recently issued a new lease rider, and similar addenda for those rental properties outside of New York City, that must be attached to all vacancy and renewal leases for rent-stabilized apartments. The new rider has multiple sections, but only the first two sections must be filled out by...
