Every year, New York's Rent Guidelines Board (RGB) gets together to vote on whether they should increase, decrease, or freeze rent for the city's rent-stabilized apartments. This year, in an effort to help local residents keep a roof over their heads, the RGB voted for a rent freeze. Though it wa...
As NYC grapples with the enormous impact of COVID-19, many construction projects have been put on pause for a while. After all, Gov. Cuomo has only permitted certain projects to keep going in the wake of the pandemic, with the construction of essential buildings being allowed to continue. But tha...
In April, several tenants and tenants' rights groups in NYC were considering a rent strike if they didn't get more help with their housing costs. That strike has moved forward, with thousands of NYC tenants refusing to pay their rent in May. This is the largest rent strike the city has seen in de...
If you have never owned property before and are currently in the market to buy a home in New York, it may come as a surprise to learn that you are required to use a real estate attorney in your transaction. New York is one of the few states that requires an attorney to represent the buyer as well...
It is hard to believe that the 2008-2009 financial crisis is now eleven years behind us. But whether the crisis really truly abated for everyone is up for debate. According to a real estate analysis by PropertyShark, foreclosures more than doubled in New York City since 2014. In 2019, there were...
As a New York landlord, you are probably aware of the most recent changes made to tenant laws. You probably also know that screening a potential tenant is one of the most powerful tools you have to ensure a successful agreement that lasts for a long time. But there are some things you should—and ...
Coronavirus has negatively affected the real estate market as a whole, but some cities have been hit harder than others—with New York City being one of them. In particular, the luxury housing market here has suffered quite a bit. So if you're eyeing high-end property in NYC, here's what you need ...
As the weather begins to warm up, so does the New York City housing market. After all, most people want to be settled in their new home before fall, which means they need to start searching for a home before summer. But as you probably figured, things are a bit different this year, thanks to COVI...
In early April, hundreds of tenants in a housing project in the South Bronx had a concerning surprise awaiting them when they woke up. They had no running water. That's a pretty big deal—and quite an inconvenience—any time of the year. But for this to happen during the coronavirus pandemic, it's ...
As we know by now, New York City has been especially hard hit by the coronavirus. Not only are many people sick, but nearly 40% of residents can't afford their housing costs due to recent layoffs. With so many people renting in this city, there are going to be a lot of residents who can't afford ...
In the wake of COVID-19, New York City agencies have had to make some adjustments to various guidelines. The latest one involves what constitutes affordable housing. Previously, the city defined affordable housing as any building where at least 30% of the units are considered income-restricted un...
The coronavirus pandemic has upended—or at least temporarily paused—regular life for many people. Job loss is just one of the drastic changes millions of New Yorkers have to deal with now, and that means it's going to be hard for many of them to pay rent. In fact, about 40% of New Yorkers won't b...
Tenants in New York can breathe a sigh of relief if they're experiencing financial difficulty due to coronavirus and can't pay rent for now. New York officials voted to suspend evictions starting on March 16 at 5 p.m. and continuing indefinitely. Here's why that happened, and what other decisions...
In recent years, East New York has become a huge magnet for house flippers trying to make a profit by purchasing cheap homes and then quickly selling them for much more. In fact, this area has the highest rate of house flipping than any other part of Brooklyn, as the homes here have been sold for...
In early February 2020, New York regulators announced they were eliminating rental brokerage fees, drawing both applause from tenant advocates and condemnation from the real estate industry. The ruling stops the practice of renters paying broker fees, which in places like New York City, can be up...
New York City is an appealing place to live. It is vibrant, there is always something to do or see, and it is a mecca for many industries like technology, finance, and media. If you are considering moving to the city that never sleeps, you will be joining 8.6 million other New York City residents...
A Oneida landlord has been accused of discriminating against a tenant with mental disabilities by the Department of Housing and Urban Development (HUD). As we have previously written about, it is illegal for landlords to discriminate against tenants based on a variety of protected classes of peop...
When the last economic recession hit the United States back in 2009, the impact was felt hard in the state of New York. As a result of thousands of people falling behind on their mortgage payments, foreclosures spiked, creating “zombie houses.” Homeowners who couldn't afford their mortgages also ...
The coronavirus outbreak has had an impact on many industries in the US, and the construction field is no exception. Heavily populated areas like New York City have been hit especially hard, as they're now facing major delays and rapidly increasing costs any time they're relying on China for manu...
If you are thinking about renting out that apartment you have outgrown here in New York, there are several important considerations you should mull over before deciding to take the plunge. Being a landlord is not for the faint of heart. Being a Landlord is a 24/7 Job Being a landlord doesn't me...
Every landlord in New York has probably heard of or is familiar with the Fair Housing Act (FHA). You may think that having a basic understanding of FHA is good enough, but to make sure you are never sued for violating FHA laws, there are several things you should know about FHA to protect your pr...
New York City is famous (or infamous – depending on your perspective) for its rent control and rent regulation laws. There is a fine balance between making the city affordable versus profitable, and everyone has their own opinion on the matter. But the fact is this: for people to stay in New York...
We recently discussed what mandatory foreclosure settlement conferences are in New York. They are a last attempt to help you preserve your home and avoid foreclosure. The types of settlements that can be discussed at these conferences include short sales, deed in lieu of foreclosure, and loan mod...
The Housing Stability and Tenant Protection Act of 2019, which was signed into law in New York in June 2019, has led to the number of eviction cases filed by landlords to plummet. The new laws were designed to limit legal rent increases for rent-regulated apartments. Eviction cases involving non...
Has your mortgage lender filed a foreclosure action against you? If so, then in the State of New York, the law requires settlement conferences where you and the lender can try to work out a settlement in lieu of foreclosure. This is New York's way of giving you one last chance to avoid losing you...
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