New York City is known to be a relatively expensive place to live in. The need for people to be able to afford a safe and clean place to live is important yet this seems to be hard to do for some. The current landlord and tenant laws that govern rent prices are not only old, having been in place for 45 years, but they give substantial power to landlords and seem to leave tenants without a lot of options at times.
Owning and leasing commercial or residential properties in New York can be a great investment. It can also, however, bring with it certain stresses, such as having to collect rent and ensuring that your tenants do not cause any damages. You can protect yourself in both regards by collecting a security deposit as a condition of a lease. Yet as many of those that we here at Tane Waterman & Wurtzel, P.C. can attest to, issues regarding the management of security deposits can often be the source of landlord-tenant disputes. Thus, you should know exactly what the law requires of you in this regard in order to avoid such tensions.
The landlords of New York properties may hope that the relationships they share with their tenants will eventually evolve into friendships. Feeling such closeness may make the business matters inherent with their relationships to become mere formalities. Yet such arrangements are often not possible, especially when dealing with commercial properties. The complexities of operating a business often require tenants to ask a lot of their landlords, or may even prompt them to renegotiate their agreements to reflect changes with their companies. In such a situation, handling matters informally may inevitably lead to disputes.