Rosenberg & Estis, P.C. represents owners of residential buildings containing apartments subject to New York's rent stabilization and rent control laws. This representation includes matters involving major capital improvements (MCIs). The rent regulatory laws allow building owners to increase rents when they perform verifiable improvements or install new building systems that benefit tenants and meet other requirements. Moreover, landlords may be able to increase rents such that the apartments are no longer subject to rent control or rent stabilization.
Our attorneys help our clients understand and comply with the standards and requirements of the MCI program. The improvements must be depreciable under the Internal Revenue Service Code and not for ordinary repairs and maintenance; they must be for the operation, preservation and maintenance of the building; and they must meet other specific requirements established by the Division of Housing and Community Renewal (DHCR). Improvements that meet the MCI requirements can also result in the owner receiving real estate tax credits from the City. Furthermore, MCIs are frequently contested by tenants, requiring landlords to obtain knowledgeable legal assistance in order to realize the monetary benefits of improving their buildings. Whether obtaining MCI rent increases, opposing tenant appeals or fighting for increases improperly denied by DHCR - often filed by other attorneys - our lawyers know the process thoroughly so that our clients achieve the maximum revenue enhancements possible through the MCI program.
For more information about our administrative law practice, please contact us.
