Month: June 2015

New York City RGB Votes on new Guidelines!

 

 

 

 

     The New York City Rent Guidelines Board, at its June 30, 2015 Deliberation Session, approved the following Guideline Increases for renewal leases between October 1, 2015 and September 30, 2016:

 

1-Year Lease Term:   0%

2-Year Lease Term:   2%

 

 

*No Other Components – Such As Minimum Increases or a Low-Rent Guideline – were issued by the board.

2015 NY State Rent Laws Summary! The sum

2015 NY State Rent Laws Summary!

The summary is as follows:

•Luxury Decontrol – The rent threshold for deregulation is increased from $2,500 to $2,700. That amount is indexed to the one-year lease renewal rate adopted by the Rent Guidelines Board. The indexing is effective January 1, 2016.

•MCIs – The amortization period, currently at 84 months is extended to 96 months for buildings with 35 or fewer units and to 108 months for buildings with 36 or more units. MCI increases remain permanent.

•Vacancy Allowance – The statutory vacancy allowance is modified if the prior tenant was paying a preferential rent. Under the modified vacancy increase, the legal rent may be adjusted by 5% if the last vacancy lease commenced less than two years ago, 10% of the previous legal regulated rent if the last vacancy lease commenced less than three years ago, 15% of the legal regulated rent if the last vacancy lease commenced less than four years ago, and 20% of the legal regulated rent if the last vacancy lease commenced four or more years ago. The vacancy allowance remains unchanged in other situations.

•Preferential Rents – remain adjustable upon lease renewal. Vacancy increases applicable after charging a preferential rent are adjusted as stated above.

•Duration – the rent laws are extended for four years through June 15, 2019.

•J-51 – extended four years through June 15, 2019.

•Tenant Protection Unit – not established in statute.
•Retroactivity – the law contains language of retroactivity dating back to June 15, 2015.

I would like to personally thank the many AOAC, CHIP and RSA members and staff for all their hard work. Collectively we fought for fair laws and although the current statue is not in the landlords favor, we must continue to support our fellow landlords and real estate industry.

Thank you,

Carmelo Milio, CPM

President

Trion Real Estate Management

Westchester RGB Votes on new Guidelines!

Westchester RGB Votes on new Guidelines!

The Westchester County Rent Guidelines Board, at its June 22, 2015 Deliberation Session, approved the following Guideline Increases for renewal leases between October 1, 2015 and September 30, 2016:

1-Year Lease Term: 1.75%

2-Year Lease Term: 2.75%

Where the owner does not provide heat or hot water, the following Guidelines were approved:

1-Year Lease Term: 1.4%

2-Year Lease Term: 2.2%

*No Other Components – Such As Minimum Increases or a Low-Rent Guideline – were issued by the board.

At this time a decision has not been made in Albany on the The NYS Rent Laws but we will inform you as soon as possible.

We would like to thank the many AOAC members who issued testimony at the Public Hearings of The Guidelines Board, as well as those members who joined us at the June 22nd Deliberation as representatives of the building and realty industry. Landlords out numbered the Tenants by a 2/1 margin and your participation was very, very important and played a major factor in avoiding what could have been zero increases.

We also would like to thank Ken Finger and Eliot Cherson, our Owner Representatives on the Guidelines Board, for their strong efforts during the Public Hearings and Deliberations. Many thanks should also be issued to Albert Annunziata and Jeff Hanley of the AOAC staff for their contributions.