Governor Hochul’s newly released Budget Bill contains many new and significant provisions to incentivize, require and / or facilitate production and preservation of housing and affordable housing in New York City and New York State. Rosenberg & Estis, P.C. is...
Industry Updates
White House Releases “Blueprint for a Renters Bill of Rights”
On January 25, 2023, the White House released a “Blueprint for a Renters Bill of Rights” and a statement titled “New Actions to Protect Renters and Promote Rental Affordability." The guidance lays out the Biden Administration’s plan for sweeping tenant protections...
PHFL Amendment Allows for Collection of Higher Rents in Certain Affordable Housing Projects
In December 2022 the New York State Private Housing Finance Law (PHFL) was amended to allow owners of affordable housing properties to collect rents above the Legal Regulated Rent so long as a Regulatory Agreement is in place with a State or Municipal Agency, Public...
NYC Property Tax Update With New 2023-2024 Assessments
The NYC Department of Finance (DOF) released the 2023/24 tentative assessment roll on January 17, 2023. The Tax Commission application filing deadline to protest your assessed value is March 1, 2023. Market values and taxable values increased for tax classes 2 and 4...
Important Change to NYC Subsidy Program for Applicants for Affordable Housing Units
Please be advised that NYC has expanded the Augmented CityFHEPS subsidy program to include applicants in the Housing Connect lottery system qualifying for CityFHEPS benefits and currently residing in a DHS shelter. Augmented CityFHEPS will pay the advertised rent...
Rosenberg & Estis, P.C. Submits Written Testimony at DHCR’s Public Hearing on Proposed RSC Amendments
On November 15, 2022, DHCR held a public hearing concerning the agency’s proposed amendments to the Rent Stabilization Code (“RSC”), as required by the State Administrative Procedure Act (SAPA). Our review of the proposed RSC amendments showed that DHCR had exceeded...
NYC DOF Certification of Continuing Use Deadline January 5, 2023 for NFP Exemption, ICIP Exemption & ICAP Abatement
NFP, ICIP, & ICAP Renewals If you own or lease a NYC property that is currently receiving one of the following property tax benefits, please note that the NYC Department of Finance (DOF) renewal filing period has begun and the online renewal portal is now open...
NYC Tax Cert Petitions due 10/24. New Storefront Registration law.
Tax Cert Petitions are due Monday, October 24, 2022. If you haven’t settled your property tax protest - such as when the Tax Commission made no offer, hasn’t yet made a determination, or you rejected the offer - then your tax cert attorney typically files a petition...
DHCR Issues Proposed Amendments to Rent Stabilization Code
Dear Clients, On August 31, 2022, DHCR released its long-awaited proposed amendments to the Rent Stabilization Code, Tenant Protection Regulations, and NYS and NYC Rent & Eviction Regulations. DHCR says that the proposed amendments are intended to address the...
NYC Rent Guidelines Board Reaches Final Vote On Annual Rent Increases For Rent Stabilized Apartments And Loft Leases
On June 21, 2022, the New York City Rent Guidelines Board (“RGB”) held a final vote on annual rent increases for rent stabilized apartments and loft leases commencing between October 1, 2022 through September 30, 2023. The Guideline increases are as follows: 1 year...