AVAILABLE 24/7
212-213-8511

July 2, 2020

Rent Freeze & Regulations in NYC | Featured in PropertyShark

The real estate industry has been severely affected by the COVID-19 pandemic. And, as New York City slowly begins reopening in phases, landlords and tenants alike are entering an uncertain time.

With eviction moratoriums still in place until August and late-payment fees banned, officials have been working to ease renters’ worries, while landlords continue to struggle with limited income. Meanwhile, the changes continue. A rent freeze has been approved for NYC rent-stabilized apartments.

What are the guidelines?

The Rent Guidelines Board authorized:

  • A rent freeze on one-year leases
  • A partial freeze for two-year leases

What can landlords do?

Unfortunately, landlords’ options are fairly limited:

  • They cannot increase rent at all for one-year leases.
  • They cannot increase rent in the first year for two-year leases. However, by the second year, they may increase rent by 1%.

These guidelines go into effect on October 1, 2020, and last through September 30, 2021. The goal is to assist nearly two million renters in rent-stabilized apartments across New York City.

“Renters have never faced hardship like this. They desperately need relief, and that’s why we fought for this rent freeze.”

New York City Mayor, Bill De Blasio

Considering that property taxes are due July 1, this decision to freeze rent is sure to increase tension with landlords as they face yet another major setback amidst the pandemic.


https://www.propertyshark.com/Real-Estate-Reports/2020/07/01/rent-freeze-regulations-in-new-york-city/

Connect with us

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. 
The viewing of this website does not constitute an attorney-client relationship. Attorney Advertising: Prior results DO NOT guarantee similar results.

Copyright © 2021 Pardalis & Nohavicka LLP. All Rights Reserved. Website Designed & Developed by ECONSTRUO
magnifier linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram