Landlords of New York City's rent-stabilized apartments who fail to register their properties on time could be fined $500 in monthly penalties.
The new law signed by Governor Kathy Hochul could affect at least 46,000 apartments, as cited in a report by the Office of Rent Administration, part of the state Division of Homes and Community Renewal. This law could affect landlords who are late or fail to register units by the end of the recent registration term, according to the Gothamist.
Previously, owners who failed to register their apartments could not legally charge higher rent increases approved annually by the New York City Rent Guidelines Board, the news site said.
Brooklyn landlords could be the hardest hit, considering that the borough accounts for most of the decrease in registered units, with about 17,500 fewer registered units as of March 31, 2023, than in the previous year.
The Gothamist cited Jay Martin, executive director of the landlord trade group Community Housing Improvement Program, expressing concern that the new law would hit owners with smaller portfolios the hardest.
