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New York State has a system of rent regulation known as Rent Stabilization. New York State enacted the Rent Stabilization system in 1969 which intended to protect tenants from illegal and over-excessive increases in rent while permitting a fair return to owners who invest in real property.1 The Rent Stabilization system generally covers: (1) buildings of six or more units built between February 1, 1947, and December 31, 1973; (2) buildings built before February 1, 1947, who moved in after June ...

Tags: Apartments, Contracts, Division of Housing and Community Renewal, Housing, Housing Stability and Tenant Protection Act, Landlord, Private Agreements, real estate, rent, Rent Regulation, Rent Stabilization, Tenants

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Impact of Mortgage in Forbearance in post-COVID

When a homeowner is experiencing financial hardship to pay the mortgage, the mortgage servicer or lender allows the homeowner to pause or reduce the mortgage payments for a limited period of time while the homeowner can regain his or her financial footing.1 Such temporary pause or reduction in mortgage payments is forbearance. Since Congress has passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in March 2020, a homeowner is eligible for forbearance for up to 12 months.2 ...

Tags: CARES Act, covid-19, Federal Trade Commission, forbearance, mortgage, real estate

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New York Cooperative and Condominium Privacy Concerns

Cooperative and condominium boards are privy to a vast amount of confidential personal and financial information concerning their shareholders and unit owners. A typical cooperative and condominium application requires copies of the buyer’s bank statements, tax returns, photo identification, employment verification, and more.1 Most would probably assume that the information collected by your cooperative or condominium boards is kept confidential. Unfortunately, this may not be the case under N...

Tags: condominium, cooperative, defamation, privacy, privacy rights, real estate

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