Tenant friendly laws just passed in NY

4 Replies

So i'm in the process of evicting a tenant and after meeting with my lawyer, who is also a local judge, he informed me a few new laws NY just pasted. Because of these laws, it's going to take me almost 2 months to get this guy out now. They get 14 days after notice to pay or quit now. Tenants even get another 2 weeks after the judge evicts. Also, landlords are only allowed to raise rent up to 5% per year and can only accept a security deposit up to one months rent.

Once I heard that evictions are going to take even longer than normal, 2 months long, my first thought was to increase my security deposits going forward to offer me a bit more protection. Nope, can't do that.

Also, I have been buying small multi's that are in bad condition with tenants paying below market rents.  I fix them up, then bring rents up to market which as you all know, helps when the appraisal so I can pull my money out and repeat.  If I can only increase 5% a year, it's harder to add value to these...

Any thoughts on this?  Why are tenants getting so much protection?    

Old news.   Nothing new. 

5% increase is a lot.    Many places only allow cpi increase—- only 1.6% last month.   

NYC has low cap, anyway.   no one cares. 

@Brian Zaug one way to possibly get around the sec deposit issue is to take first month rent, last month rent, plus one month sec deposit. 

This will not help you against excessive damage, but it will help if tenant skips out on rent. 

@Brian Zaug

The new laws will be rolled back to some extent soon enough. NYC does not realize that they have now given landlords ZERO incentive to put money into the units for repairs/renovations. They only good thing that came out of this is for duct tape companies, sales will go through the roof!

But in all seriousness, they’re trying to make up for the many years landlords have been able to increase rents to outstanding prices. This is quite a bit of overcompensation though...need to find a happy medium.