While not the intended target of the recently passed Housing Stability and Tenant Protection Act of 2019 (the “Act”) Part M of the act contains a number of provisions that adversely affect how cooperatives review and approve potential shareholders.
Among the many legal changes that were incorporated into the Housing Stability and Tenant Protection Act (HSTPA) of 2019, are a series of new rules affecting the collection of security deposits and advance rent payments made by residential tenants. The new rules do not apply to commercial tenancies.» Read More
A common problem plaguing condominium boards is how to motivate delinquent unit owners to pay the arrears in their common charges.
When unit owners fall behind on their common charge obligations, the shortfall could mean that the condominium has trouble meeting its operating expenses.» Read More
On September 13, 2019, the New York City Department of Buildings (DOB) adopted a new Section 103-10 to Title 1 of the Rules of New York City, regarding the periodic inspection of gas piping systems.
Inspections must be completed by a New York City Licensed Master Plumber, or an individual working under a Licensed Master Plumber, who is satisfactory to the DOB.» Read More
New York Secretary of State Rossana Rosado announced on Friday, September 13, that the Department of State’s Division of Licensing has issued a Guidance for real estate professionals regarding the Statewide Security and Tenant Protection Act of 2019 (the Act), which was signed into law by Governor Cuomo on June 14, 2019, as we discussed in a previous blog: “Housing Stability and Tenant Protection Act of 2019: Changes for Cooperatives.”» Read More
This article summarizes a presentation given before the Coordinating Council of Cooperatives on April 13, 2019.
On June 14, 2019, the New York State legislature passed, and the governor signed, the Housing Stability and Tenant Protection Act of 2019 (the “Act”). While the law was directed primarily toward rent controlled and rent regulated housing, it includes substantial changes to the New York State Real Property Law (the “RPL”) and the Real Property Actions Procedure Law (the “RPAPL”), which affect non-regulated housing, including cooperatives.» Read More
Despite the significant amount of negative publicity generated due to the use of vacation rental sites such as Airbnb and VRBO, short-term rentals continue to be a significant problem in the city of New York. New laws designed to curtail such rentals have worked to a limited extent, but have not come close to stopping this illegal activity altogether.» Read More
All too often, co-op boards become entangled in disputes with contractors and subcontractors who perform work, not on the building’s common areas, but within individual apartments for a shareholder or unit owner. Typically this happens when the shareholder or unit owner fails to pay the contractor or subcontractor who did the work, and the contractor or subcontractor then files a mechanic’s lien under New York State’s Lien Law.» Read More
A transfer fee, or “flip tax” as it is commonly called, is a revenue-producing measure utilized by many cooperative buildings. Typically, an owner pays a flip-tax fee to the building upon the sale of his or her unit. A flip tax allows the cooperative to generate extra income for the building, enhancing the reserve fund and alleviating annual maintenance and operations costs, without raising maintenance or imposing special assessments upon current owners.» Read More