NYC – High Rent Vacancy: Not Actually Automatic Deregulation

High Rent Vacancy: Not Actually Automatic Deregulation

July 18, 2014 by Adam Leitman Bailey

Throughout the residential housing industry, there is dangerous ignorance of the amendments promulgated this year, amending the Rent Stabilization Code. All owners should be reading as much as possible about these amendments. Business is simply not the same as it was.

One of the massive changes is in the notice that an owner must give to a new tenant immediately after deregulating the premises for rent that has gone above the $2,500 threshold. Prior to 2014, it was enough for the landlord to furnish the new tenant with a copy of the annual rent registration immediately following the deregulation. Under the old rules, the owner delivered it to the new tenant the later of 30 days after the registration or 30 days after signing a lease with the new tenant. That requirement is preserved.

However, the new regulation adds an additional requirement. Now, in addition to sending that copy of the registration notice, the landlord must also send a new notice promulgated by the DHCR as part of the new regulations. The DHCR has published this form at http://www.nyshcr.org/Rent/RentCodeAmendments/HRVD-N-SJ.pdf. The owner must provide the form to the tenant within the earlier of 30 days after the commencement of the tenancy or 30 days after signing the lease. Prudent landlords have been giving these forms to tenants right at the lease signing. If the owner acted wisely, the owner was already preparing the form while the apartment was still vacant.

read rest of article at: High Rent Vacancy: Not Actually Automatic Deregulation.

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