A new bill introduced by M. Of A. Clark will likely amend the Emergency Protection Act of New York of 1974. By 2023 data, New York City boasts about 2.1 million rental apartments. After COVID and the economic recession, New York residents struggle to find affordable and comfortable rental homes. Unfortunately, one of the major issues that renters face in New York is legal leasing documents which easily hide crucial information between fine print and abstruse meanings and struggle to convince landlords for rental agreements if they do not have a stable credit score.
If this amendment is passed, it aims to ask landlords to pay a penalty if they do not take a vacancy survey or present false vacancy information. The bill will significantly impact New York City’s landlords and owners if passed.
New York City is called a landlord-friendly city because of the high rent and renter renter-friendly city because of high rent clauses. Still, renters face heavy difficulties due to landlords’ arbitrary clauses and unnecessary evacuation notices.
Source: NYC News
This law aims to allow municipalities to impose civil penalties of up to $500 if a landlord or property owner refuses to participate in vacancy surveys or portrays false vacancy information. They are open to imposing financial penalties if landlords provide incorrect information and wish not to cooperate.
The proposal of this law aims to prohibit landlords who don’t keep up transparency and follow illegal measures to harass tenants and force them to evacuate forcefully by asking them to pay a penalty of up to $500 if they were found guilty of any of these allegations.
This law aims to reduce the civil penalties on landlords and complaints from renters by pushing property owners to willingly participate in vacancy surveys and provide truthful information about vacancies of tenants. This law will ensure the increasing significance of Accurate vacancy data and compliance with vacant survey participation.
Moreover, this will help businesses and property owners with strategizing on setting competitive rental prices with a more in-depth understanding of rental markets and up-to-date rental rate fluctuations. This law will lead to a more transparent and reliable database of vacancy information which will help both tenants and landlords. Both tenants and property owners will be able to make more informed decisions with transparent and up-to-date data on rental prices.
It aims to make both tenants and landlords more informed about the legal landscape and new laws which are aimed to incentivize them and make decisions accordingly. As, after the application of this law, property owners will have a detailed and precise understanding of varying rates in the rental market which will help them make better business and property decisions. As, Rental market fluctuates too much, it will help a lot both tenants and Property Owners in various ways.
In conclusion, if this bill is passed it will change the New York rental markets with the implication of more transparency and reliability. As laws and legislative landscape change day by day, landlords should aim to be up to date with the developments and prepare for potential changes in the future.