Dear Clients,
On August 31, 2022, DHCR released its long-awaited proposed amendments to the Rent Stabilization Code, Tenant Protection Regulations, and NYS and NYC Rent & Eviction Regulations. DHCR says that the proposed amendments are intended to address the changes wrought by the HSTPA, but they go much further.
There are many important, and significant, changes in these proposed regulations, such as a cap on first rents for “newly created apartments,” the elimination of the longstanding 80% vacancy presumption of substandard condition concerning substantial rehabilitation, and onerous requirements for demolition applications. Pursuant to the State Administrative Procedure Act, the public comment period has begun, and a public hearing will take place on November 15, 2022. Stay tuned for a more comprehensive
Sincerely,
Zachary J. Rothken
Member & Head of Administrative
Law Department