Impact of NYC Rental Lesligation on Market Rate Apartments
2019 Changes to NYC Rent Regulation for Market Rate Apartments: http://www.hauseit.com/nyc-rent-laws-regulations-changes-2019
Save Money with a Hauseit Buyer Closing Credit: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
A number of changes were made to the New York Real Property Law in 2019 which apply to both regulated and unregulated apartments in NYC.
Changes were made to security deposits, application fees, the retaliatory eviction provision, notice requirements for non-renewal and rent increases above 5%, tenant screening blacklists and apartment re-letting obligations for landlords.
Limitations on Security Deposits for All Apartments
The Housing Stability and Tenant Protection Act of 2019 mandates a maximum security deposit for both regulated and unregulated units of no more than one month of rent. The maximum amount which may be collected upon the commencement of a lease is one month rent and one month security deposit. Furthermore, security deposits must now be returned to the tenant within 14 days of moving out.
Limitations on Application and Late Fees
Under the new legislation, a tenant may only be charged the lower of $20 or the actual cost of a credit report. Landlords must also furnish a copy of any credit report obtained to the prospective tenant(s). The new legislation also caps late fees for both regulated and unregulated units to the lesser of $50 or 5% of rent.
Retaliatory Eviction
The new legislation prohibits retaliatory eviction by a landlord against a tenant for a period of one year after a tenant makes a good faith complaint to government authorities or to the landlord directly alleging a violation of the warranty of habitability.
Notice Requirements for Non-Renewal and Large Rent Increases
The Housing Stability and Tenant Protection Act of 2019 increases the notice requirements for a non-renewal of a lease or a rent increase greater than 5% to 30 days notice for leases under a year, 60 days for leases between one and two years and 90 days for leases of 2 years or more.
Duty to Mitigate Damages for Re-Letting
The Housing Stability and Tenant Protection Act of 2019 requires landlords of both regulated and unrelated units to make a reasonable, good faith attempt at re-letting a unit if a tenant vacates before their lease expires. Landlords must re-rent at the lesser of previous rent or market rent, and the existing tenant is off the hook once a new lease is signed.
Restrictions on Usage of Housing Court Records to Screen Tenants
Under the new legislation, a landlord may not consult housing court records as part of the screening process for a prospective tenant. Accessing court records or tenant blacklists will automatically create a rebuttable presumption that the landlord has violated this statute.
Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
#hauseit #hauseitnyc
https://www.hauseit.com
Save Money with a Hauseit Buyer Closing Credit: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
A number of changes were made to the New York Real Property Law in 2019 which apply to both regulated and unregulated apartments in NYC.
Changes were made to security deposits, application fees, the retaliatory eviction provision, notice requirements for non-renewal and rent increases above 5%, tenant screening blacklists and apartment re-letting obligations for landlords.
Limitations on Security Deposits for All Apartments
The Housing Stability and Tenant Protection Act of 2019 mandates a maximum security deposit for both regulated and unregulated units of no more than one month of rent. The maximum amount which may be collected upon the commencement of a lease is one month rent and one month security deposit. Furthermore, security deposits must now be returned to the tenant within 14 days of moving out.
Limitations on Application and Late Fees
Under the new legislation, a tenant may only be charged the lower of $20 or the actual cost of a credit report. Landlords must also furnish a copy of any credit report obtained to the prospective tenant(s). The new legislation also caps late fees for both regulated and unregulated units to the lesser of $50 or 5% of rent.
Retaliatory Eviction
The new legislation prohibits retaliatory eviction by a landlord against a tenant for a period of one year after a tenant makes a good faith complaint to government authorities or to the landlord directly alleging a violation of the warranty of habitability.
Notice Requirements for Non-Renewal and Large Rent Increases
The Housing Stability and Tenant Protection Act of 2019 increases the notice requirements for a non-renewal of a lease or a rent increase greater than 5% to 30 days notice for leases under a year, 60 days for leases between one and two years and 90 days for leases of 2 years or more.
Duty to Mitigate Damages for Re-Letting
The Housing Stability and Tenant Protection Act of 2019 requires landlords of both regulated and unrelated units to make a reasonable, good faith attempt at re-letting a unit if a tenant vacates before their lease expires. Landlords must re-rent at the lesser of previous rent or market rent, and the existing tenant is off the hook once a new lease is signed.
Restrictions on Usage of Housing Court Records to Screen Tenants
Under the new legislation, a landlord may not consult housing court records as part of the screening process for a prospective tenant. Accessing court records or tenant blacklists will automatically create a rebuttable presumption that the landlord has violated this statute.
Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
#hauseit #hauseitnyc
https://www.hauseit.com
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