In the New York City rent regulated world, apartment building owners and managers should keep a sharp eye out for certain new legislations and proposals that will have an effect on their day to day operations.
- The NYC Community Air Survey Winter 2008-2009, states that apartment buildings which are burning #6 and #4 oil are the most polluting types of oil and the air around these buildings have higher fine particles and sulfur dioxide concentrations. The City will look to phase-out the use of #6 and #4 oil in buildings.
- The pro-tenant ten-bill legislation that was passed in February 2009 in the NYS Assembly, which includes such measures as repealing vacancy decontrols laws, re-regulating thousands of apartments that rent for less than $5,000/mth, prohibiting rent surcharges for Major Capital Improvements after the cost of the improvements have been recovered, increasing civil penalties on landlords among other items. This will eventually reach the NY senate for a vote.
- Taxes. Make sure as an investment property owner you file your RPIE with the department of finance, and if you feel your taxes are too high, contact a tax certiorari attorney to look into it for you and challenge your assessment. The deadline to file a challenge for class 2 (rental buildings) in NYC is March 1 2010.
- Recently, Sheldon Silver, the NY State Assembly speaker, introduced legislation to change the Major Capital Improvement (MCI) formula from one-fortieth to one eighty-fourth of the renovation costs and to let the Division of Housing and Community Renewal, NY state’s housing agency, the power to approve or decline the rent increases.
Another good tip for apartment building owners is to join and support apartment building organizations. In New York City, you have The Community Housing Improvement Program (CHIP) at www.chipnyc.org and the Rent Stabilization Association (RSA) at www.rsanyc.com
Also make sure to follow updates from the Housing, Construction and Community Development committee in the NY State Senate at www.nysenate.gov and the NYS Division of Housing & Community Renewal (DHCR) at www.dhcr.state.ny.us
You can also track any violations on your property on the NYC Department of Housing Preservation & Development (HPD) site here www.nyc.gov/html/hpd/html/pr/violation.shtml
It is important to know the new legislations and proposals that are on the table. Knowledge is power.
If you have any questions, feel free to call me direct at 718-606-2390.
Falco & Isak Realty Services