Dear Clients, The New York City Council just set the tax rates for the 2019/20 tax year. All tax rates increased except Tax Class 2 apartment buildings. The New York City Department of Finance (DOF) recalculated the 2019/20 taxes using the new rates and is now sending...
Industry Updates
2019 Rent Stabilization Changes and Implications for 421-a Properties (Updated 10/10/2023)
On June 14, 2019, Governor Andrew M. Cuomo signed into law the Housing Stability and Tenant Protection Act of 2019 ("HSTPA" or the "Act"), which implemented widespread changes to rent stabilized and rent controlled apartments throughout New York State. Then, on June...
Summary of “Housing Stability and Tenant Projection Act of 2019” signed by the Governor on June 14, 2019, amended on June 24, 2019
Dear Clients, As you know, the Housing Stability and Tenant Protection Act of 2019 ("HSTPA") makes dramatic changes to the various statutes governing rent regulated housing, including the Emergency Tenant Protection Act ("ETPA"), the Rent Stabilization Law ("RSL"),...
2019 Rent Stabilization Changes: NYC Property Update Including Old and New 421-a Property Implications
On June 14, 2019, Governor Andrew M. Cuomo signed into law the Housing Stability and Tenant Protections Act of 2019 (the "Act"), which implemented wide-spread changes to rent stabilized and rent controlled apartments throughout New York State. Today Gov. Cuomo signed...
Statewide Housing Security and Tenant Protection Act of 2019
The Statewide Housing Security and Tenant Protection Act of 2019 has effected sweeping changes to various laws governing the landlord-tenant relationship. Rosenberg & Estis, P.C. has prepared a summary to assist you in understanding and implementing the required...
2019 Rent Law Update
The State Legislature has enacted the "Housing Stability and Tenant Protection Act of 2019." The Act is awaiting the Governor's signature to become law. We have all heard rumors about nine Assembly bills for weeks, but this final bill goes even beyond what those bills...
DHCR J-51 Building Hit List
On Friday, February 1st, DHCR published a list of multifamily properties which the agency claims are, or have been, receiving J-51 real estate tax benefits, but are not properly registered on DHCR's rent stabilized apartment database ( click here for the DHCR...
New York City Increases Property Tax Assessments for 2019/20
On January 15, 2019, the New York City Department of Finance published the tentative assessment roll for the upcoming 2019/20 tax year. Citywide Full Market Value growth slowed to its smallest increase in three years: 5.76%. Nevertheless, Taxable Assessed Value, upon...
Local Law 55: All Buildings Lease Package Allergen Documents
Local Law 55 of 2018 imposed several new obligations on multifamily rental apartment building owners. Local Law 55 directs owners to: annually inspect apartments for indoor allergen hazards; and deliver a notice as part of all leases, both vacancy and renewal leases,...
Opportunity Zones and the Impact of Amazon’s Arrival in LIC
Amazon is coming! After months of national jockeying and speculation, Amazon announced on November 13, 2018, that Long Island City, NY will be one half of its planned HQ2. While opposing sides debate the cost versus value to the taxpaying residents of LIC, New York...