New York has many rules that regulate tenant's security deposits. First and foremost, the state limits how much residential landlords can require. Typically, a security deposit should not exceed one month's rent. Landlords can request both the last month of rent and a...
As of January 1, 2025, several significant real estate laws have been enacted in New York, aiming to address housing affordability and availability, streamline development processes and change the economic dynamic of the rental market. These changes reflect the...
On December 3, 2024, a federal court in East Texas issued a nationwide preliminary injunction against the Corporate Transparency Act (CTA), halting its January 1, 2025, enforcement and reporting requirements. While the Department of Justice appealed this decision on...
The New York City Council recently passed significant legislation known as Intro 360, or the Fairness in Apartment Rentals Expenses Act. This bill, passed in a veto-proof 42-8 vote, introduces a notable change in the real estate market by shifting the responsibility...
New York City's real estate market has always been a dynamic beast, but the introduction of Local Law 18 in September 2023 sent shockwaves through the industry. This controversial legislation aimed to tackle the city's housing crisis by cracking down on short-term...
Renovating a condo or co-op unit in New York City can be complex, often governed by clearly defined guidelines set by the building's board. The board drafts these guidelines to ensure that renovations are carried out by licensed and insured contractors safely,...
Earlier this year, we discussed how the National Association of Realtors' $418 million settlement involving 20 brokerage houses upended the commission structure across the United States. The changes went into effect on August 17, 2024. The seller no longer pays the...
An annual meeting is a crucial event for condo associations and co-op boards. It serves as a platform for members to discuss important issues, review the past year’s activities, and plan for the future. Typically, these meetings include the election of board members,...
The short answer is that “flip taxes” are legal so long as they were properly adopted. Flip taxes, also called transfer fees, were often implemented in the 1970s and 1980s. However, a co-op board can only impose a flip tax if permitted in the original offering plan or...
Co-ops and condominiums have historically placed various restrictions on residents to maintain a certain standard of living and community decorum. One of the benefits of community living is being able to establish the rules and polices under which everyone lives. ...
