Landlords, have you been inundated with other news in your timeline?
There’s a good chance you missed New York’s sweeping Rent Reform Laws in June 2019.
And October 12th was an important day to know if you decide not to renew your tenant’s lease. You must provide at least 30 and up to 90 days depending on how long they lived in the apartment. Additionally, rent hikes of 5% or more must receive 30 days notice.
Follow these guidelines before you notify your tenant.
Legislators enacted the policy to help stem the wave of illegal evictions across New York.
In addition, it was created to help preserve affordable housing, prevent tenant harassment and the destabilization of apartment units.
Tenant protection have long been a hot topic issue. It will continue to be when you read stories about rapid gentrification or people left homeless because of unlawful evictions. The news cycle is full of stories often encountering illegal displacement.
With over 60,000 (and counting) homeless people including over 21,000 children in NYC alone, it explains why rent reform needs addressing.
It will certainly not make up for the lack of shelter for so many individuals, but their intentions are to prevent that number from rising.
More importantly, it protects many tenants residing in apartments the protection they need from harassment. Documented are countless, unscrupulous practices perpetrated by landlords who illegally push tenants out or gouge rent prices.
This comprehensive and permanent rent reform will probably see future amendments made to further strengthen laws or possibly remove enactments that are not viable.
Why the controversy?
Needless to say, landlords and investors are not happy with the new reform.
They fear this legislation will prevent them from creating new affordable housing saying that it penalizes them and offers no protection as landlords.
In addition, they anticipate buildings falling into disrepair and not having the ability to update older buildings due to lack of funds.
Many have indicated the law punishes every landlord because of a few bad apples.
But with any new bill passed into law, there’s a lot of confusion regarding possible loopholes and consequences for failure to comply.
That will all have to be sorted out in the near future.
Also In This Addition of Talking Stoops
- Living in a Rental Doesn’t Need to Be Bland and Boring [Click here to read]
- Why You Should Live Here in Bedford Stuyvesant [Play video below]