Management Basics

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On June 23, the Rent Guidelines Board voted to freeze existing rents for six months before increasing rates by 1.5 percent for the remaining half of the year for one-year leases. The RGB also voted to raise rents on two-year leases by 2.5 percent. The new rates take effect for leases commencing between Oct. 1, 2021, and Sept. 30, 2022.

On June 1, nearly two months after lawmakers first created the $2.4 billion rental relief fund, the state Office of Temporary and Disability Assistance (OTDA) launched the online application portal allowing tenants and landlords to apply for rental assistance. At the time, OTDA said applications to the Emergency Rental Assistance Program (ERAP) would be processed in four to six weeks from the date of submission, though the time frame might vary "based upon the completeness of the application, by both the tenant and landlord, and all the correct documentation being submitted."

To implement Local Law 66 of 2019, HPD has proposed a rule amending the definitions of lead-based paint. Local Law 66 of 2019 outlined new lead reference or action levels and standards relating to lead-based paint hazards.

You must file an Annual Apartment Registration application with the DHCR for every rent-stabilized apartment you own by July 31, 2021, using the DHCR’s online Owner Rent Regulation Application (ORRA) system. New York State law also requires owners to provide each tenant in occupancy with a copy of the registration as it pertains to the tenant’s unit. Annual registration information reflects apartment information for April 1 of the registration year and must be submitted through the ORRA online system.

On May 5, in a preliminary vote, the Rent Guidelines Board (RGB) voted 5 to 4 to consider freezing rents on one-year leases or letting owners raise them up to 2 percent. If the RGB votes to keep rents as is for another year, it would effectively extend the rent freeze RGB approved last summer. For two-year leases, the RGB is considering rent increases of 1 to 3 percent.

The NYC Department of Finance (DOF) requires certain owners of residential properties to file the Real Property Income & Expense Statement (RPIE) every year. The DOF uses income and expense information gathered each year from this filing to value your property accurately for the 2022–23 tax year. Last year, due to the pandemic, the DOF granted an extension to file RPIE statements and storefront registry filings. This year, however, there’s no extension. The deadline to file the RPIE statement and register storefronts is June 1, 2021.

On Jan. 15, the NYC Department of Finance (DOF) announced the publication of the tentative property tax assessment roll for Fiscal Year 2022 (FY22). The tax assessment roll set the tentative values for all New York City properties. The FY22 tentative assessment roll shows the total market value of all New York City properties is $1.298 trillion, a 5.2 percent decrease from Fiscal Year 2021.

Stove knob covers are an important fire prevention tool. The covers make stove knobs on gas-powered stoves inaccessible to children. Local Law 117, which became effective in December 2018, requires that an owner of multiple dwellings provide stove knob covers for gas-powered stoves where the owner knows, or reasonably should know, that a child under 6 years of age resides. Owners are also required to provide stove knob covers in a unit without a child under age 6 if the tenant requests them.

The New York City Fire Department recently adopted rules implementing Local Law 103 of 2019. This law, which took effect on Oct. 6, 2019, requires apartment building owners (Group R-2 buildings and occupancies) within a hurricane evacuation zone, as designated by the Commissioner of the Office of Emergency Management (now New York City Emergency Management or NYCEM), to post a hurricane evacuation notice in a common area of the building.

In New York City, Local Law 55 of 2018, the Asthma-Free Housing Act, requires that owners of buildings with three or more apartments keep their tenants’ apartments free of mold and pests. Under this law, an owner of multiple dwellings is required to inspect units annually for indoor allergen hazards, such as mice, cockroaches, rats, and mold. And it requires safely fixing the conditions that cause these problems.