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. 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 NYC properties for the upcoming year at about $1.398 trillion, an increase of 8.2 percent from the 2022 fiscal...
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...
HPD recently issued a release that highlighted new standards related to lead-based paint hazards. On Dec. 1, the standard to define paint as lead-based was cut in half. This new standard, the strictest in the nation, is expected to prompt an increase in lead violations issued by HPD inspectors....
The DOB recently updated the rules for periodic elevator and boiler inspections. The new requirements alter the timing for submitting test and inspection reports for both elevators and boilers in New York City. We’ll go over the basic requirements and cover the changes the recent updates...
Rooftop water tanks help deliver drinking water to millions of New York City residents. Based on an inventory of buildings that stand seven stories or taller, it’s estimated that there are 12,000 to 17,000 water towers in...
On Nov. 23, 2021, the City Council passed Int. 2312-A, which amends the landlord’s duty to mitigate damages for an early vacancy of a leased residence. Specifically, it limits the fees owners can collect from tenants who vacate before the end of a lease to prepare the property for the next...
On Dec. 9, 2021, the City Council voted to approve Int. 2309-A, which requires short-term rentals to register with the Mayor’s Office of Special Enforcement. The bill would for the first time require hosts to register with the city before renting out their homes on a short-term basis or...
Local Law 152 requires that all buildings with gas piping, except R-3 occupancy buildings (which are mostly one- and two-family dwellings), have their gas piping system inspected at certain intervals by a licensed master plumber (LMP).
In New York City, Local Law 55 of 2018, the Asthma-Free Housing Act, requires that owners of buildings with three or more apartments keep their tenants’ apartments free of mold and pests. Under this law, an owner of multiple dwellings is required to inspect units annually for indoor...
