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Life as a landlord in New York City requires owners to suffer insult and injury. An example is when a rent-stabilized tenant illegally sublets the apartment on websites like Airbnb for short-term rentals. Usually, the tenant is profiteering. The tenant charges a daily rent that is much more than the legal registered rent that the owner is limited in collecting. If the landlord charges more than the legal rent, the tenant will be awarded treble damages. So, the owner provides all the services and pays the taxes and the tenant profits. That is so wrong.
Most owners are happy when a below-market rent-stabilized or rent-controlled tenant surrenders possession. However, when the rent is above or near the market rent, a vacant apartment can remain empty for a long time without any rent being paid. So, owners should be careful that they do not release tenants from the balance of the lease when they vacate and abandon the premises before the lease expires. The law is that an owner has no duty to re-rent the apartment before the lease expires (that is, no duty to mitigate its damages). The lead case is Holy Props. v.
Many tenants treat their landlords as banks where they can get interest-free loans. These are the tenants who chronically refuse to pay rent when due. They take advantage of the delays in the legal system to hold off paying the rent for as long as possible. Trying to get these tenants to pay rent on time costs owners time and aggravation.
Owning and managing apartment buildings in New York City is not for the faint of heart. There are numerous rules and regulations to be aware of and comply with. Now, the Division of Housing and Community Renewal (DHCR) has issued amendments to the Rent Stabilization Code. In order to maximize the value and profitability of apartment buildings, owners and managers need to become familiar with the amendments.
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