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On May 5, in a preliminary vote, the Rent Guidelines Board (RGB) voted 5 to 4 to consider freezing rents on one-year leases or letting owners raise them up to 2 percent. If the RGB votes to keep rents as is for another year, it would effectively extend the rent freeze RGB approved last summer. For two-year leases, the RGB is considering rent increases of 1 to 3 percent.
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 2022–23 tax year. Last year, due to the pandemic, the DOF granted an extension to file RPIE statements and storefront registry filings. This year, however, there’s no extension. ...
On Jan. 15, the NYC Department of Finance (DOF) announced the publication of the tentative property tax assessment roll for Fiscal Year 2022 (FY22). The tax assessment roll set the tentative values for all New York City properties. The FY22 tentative assessment roll shows the total market value of all New York City properties is $1.298 trillion, a 5.2 percent decrease from Fiscal Year 2021.
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 owner knows, or reasonably should know, that a child under 6 years of age resides. Owners are also required to provide stove knob covers in a unit without a child under age 6 if the...
The New York City Fire Department recently adopted rules implementing Local Law 103 of 2019. This law, which took effect on Oct. 6, 2019, requires apartment building owners (Group R-2 buildings and occupancies) within a hurricane evacuation zone, as designated by the Commissioner of the Office of Emergency Management (now New York City Emergency Management or NYCEM), to post a hurricane evacuation notice in a common area of the building.
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 allergen hazards, such as mice, cockroaches, rats, and mold. And it requires safely fixing the conditions that cause these problems.
As a result of Local Law 69 of 2017, apartment building owners are required to file bedbug infestation and treatment reports with HPD annually. Owners must file between Dec. 1 and Dec. 31 for the previous year from November 2019 through November 2020.
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 $25.31, up $0.37 from $24.94 last year. This year’s increase reflects a 1.48 percent increase in the price of electricity for electrical inclusion buildings as calculated by the Rent Guidelines Board’s 2020 Price Index of Operating Costs issued in April 2020...
The 2020–2021 “heat season” begins on Oct. 1 and continues through May 31, 2021. As heat season begins and colder weather is around the corner, owners must be aware of the temperature requirements for all apartments. HPD responds to all heat and hot water complaints and, if adequate heat and hot water conditions are not corrected, HPD will impose penalties and may contract with private companies under the Emergency Repair Program to restore services to...
The NYC Benchmarking Law, Local Law 84 of 2009 as amended by Local Law 133 of 2016, requires owners of large buildings to measure their energy and water consumption annually in a process called benchmarking. The law standardizes this process by requiring building owners to enter their annual energy and water use in the U.S. Environmental Protection Agency's (EPA) online tool, ENERGY STAR Portfolio Manager, and use the tool to submit data to the city.
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