ABO Developments - Fall 2015 - (Page 8)

The Big Ugly Decoding the Rent Act of 2015 H undreds of real estate professionals came to "Decoding the Rent Act of 2015," a CHIP seminar presented in September, to learn how to apply last June's update of the New York State Rent Stabilization Laws, the first since 2011. After three hours of exhaustive explanation by New York City's foremost real estate attorneys and property management company heads, they left with a clear understanding - that the law is a mess. It may be the most poorly drafted bill in history, the panel agreed, full of 8 | A B O D E V E L O P M ENTS * www.abogny.com contradictions. It's not called "The Big Ugly" for nothing. According to attorney Niles Welikson, of Horing Welikson & Rosen, PC, the moderator of the event, "Until such time that courts rule on the issues and perhaps the DHCR blesses us with an amended Rent Stabilization Code, it's going to be difficult to be certain as to some of the interpretations." And even if the DHCR comes up with amendments to the code, he added, "that's not even final because somebody can still go to the courts and say an amendment is not consistent with the rest of the law." When is Was? One example of the Rent Act contradicting itself is with the rules on when an apartment's rent meets the threshold of $2700 that triggers luxury deregulation. In separate sections it says: · "Any housing accommodation that becomes vacant on or after the effective date of the rent act of 2015, where such legal regulated rent was $2700 or more, and as further adjusted by this section..." · "...Any housing accommodation with a legal regulated rent that was $2700 or more per month at the time on or after the effective date of the Rent Act of 2015 which http://www.abogny.com

Table of Contents for the Digital Edition of ABO Developments - Fall 2015

A Message from ABO Executive Director Dan Margulies
The Big Ugly Decoding the Rent Act of 2015
New Technology in Elevators
Save Money on Energy-Saving Upgrades
New Flood Risk Standards
Index of Advertisers / Advertisers.com

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