We are writing to let you know that DHCR has issued a new Good Cause Eviction Law (“GCE”) Notice (the “Updated Notice”), linked here.
The Updated Notice includes a list of municipalities in New York State that have opted into GCE and, critically, includes updated Consumer Price Index (“CPI”) percentages which are used to calculate the threshold for presumptively unreasonable rent increases.
In the Updated Notice, DHCR has published a CPI of 3.79% in New York City, resulting in a new Local Rent Standard in New York City of 8.79%. Any rent increase above 8.79% will be deemed presumptively unreasonable. This new Local Rent Standard is .03% lower than the previous one.
The Updated Notice also sets forth new high rent thresholds pursuant to DHCR’s interpretation of the statute’s 245% HUD FMR exemption from GCE. The amounts are lower in New York City than DHCR’s previous figures.
If you have any questions about GCE or the Updated Notice, please reach out to your trusted R&E attorney.