As you already know, the State Legislature has enacted the strongest, pro-tenant rent reform package in the history of New York State. On Friday, June 14th, Governor Andrew Cuomo officially signed the legislation into law and all provisions take effect immediately.
The legislation contains numerous changes to the rent laws, as well as many other laws, and it is imperative that owners get up to speed as soon as possible. An in-depth summary will be included in the July/August issue of the RSA Reporter. In the meantime, click here to view a very brief summary of what has been enacted. To view the actual text of the law, click here.
RSA is well aware of the magnitude of these new laws and the impact that they will have on apartment building owners and managers throughout the City. Aside from the details that will be outlined in the upcoming Reporter, RSA will be undertaking efforts to educate the membership on the new requirements. We have already announced that we will be holding a seminar/webinar on the 2019 rent laws on Thursday, July 11th at the New York County Lawyers' Association. For more information, click here.
If you have any questions or need assistance, please contact RSA at (212) 214-9200. Our business hours are Monday through Friday, from 9:00 a.m. until 5:00 p.m.
RGB Sets Preliminary Ranges for Order No. 51, Final Vote Set for June 25!
At the Rent Guidelines Board (RGB) Preliminary Vote on May 7th, the Board set ranges for this year's Rent Guidelines:
For a one-year lease: 0.5%-2.75%
For a two-year lease: 1.5%-3.75%
A sublet allowance of 10%
A special guideline for decontrolled apartments equal to the Maximum Base Rent (MBR) + 39%
These ranges do not accurately reflect owner operating costs, which the RGB calculated to have increased by 5.5%.
This year's preliminary range falls far short of 3.0% and 9.25% for one- and two-year which are the top of the ranges proposed by RGB staff. The Board's failure to set ranges between these numbers is a clear indication that they continue to prioritize a tenant-friendly agenda rather than consider reasonable guidelines that are fair to both owners and tenants.
RSA members are urged to register for the RGB public hearings either through the RGB or by contacting RSA. They will be held on June 11th (Bronx), June 13th (Brooklyn), June 18th (Queens), and June 20th (Manhattan). Members must explain to the Board how this year's potentially low rent guidelines are insufficient to preserve and maintain your buildings as operating costs continue to increase.
For a full list of the public hearings that will take place in June, please visit the RGB website.
Find Your Local Elected Official!
RSA’s top priority is to protect the best interests of the rental housing industry by advocating in the State and City governments.
Although our staff takes pride in advocating on behalf of residential property owners, it is important that you make your voices heard to your local elected officials as well.
Contact Your State Elected Officials - If you live outside of the five boroughs and you want to locate your state elected official.