- Increasing and indexing the high rent threshold to the applicable rent guidelines board (rent guidelines boards apply different rents to different geographic areas). This will make it more difficult for units to be removed from rent regulation because it will allow for the high rent watermark to float based on the rent guidelines board increases.
- Vacancy decontrol limits will be increased to $2,700, and annual increases thereafter will be indexed to the Rent Guidelines Board.
- Increasing civil harassment penalties. These provisions increase monetary penalties imposed on landlords who harass tenants by approximately $1,000, to $3,000 for each offense and up to $11,000 for each offense where the owner harassed a tenant to obtain a vacancy.
- Extends the Major Capital Improvement amortization period from 84 months to 108 for buildings over 35 units and 84 months to 96 for buildings under 35 units. The legislation limits the amount of rent that landlords can charge tenants in order to receive reimbursement for necessary improvements or installations.
- Limits the vacancy bonus provided to landlords on tenants who receive preferential rent as a way to stop the “churn” on these units.
All comments to posts have to await approval. Please be aware that, depending on when I'm logged onto the internet, it may take me hours, even longer, to moderate comments, so if they don't turn up in a speedy fashion, they are still in the queue. Comments that cross a line I'm not comfortable with will not get approved. NOTE: Comments reflect the opinions of the person writing them and should not be assumed to reflect the opinion of the blog.
Friday, June 26, 2015
Here It Is
The New York metropolitan region’s rent laws will be extended for four years, and will be made retroactive to June 15, 2015. Further, additional reforms will be made to strengthen these laws, including: