The listings will be updated quarterly on the City’s OpenData portal and will be triggered when buildings sell at an unusually high price, indicating that the new landlords plan on significantly raising the rents.

“Protecting New York tenants and affordable housing is a top priority,” the Mayor declared. “This legislation means we will, for the first time, shine a bright light on rampant speculation and greedy landlords who buy residential buildings with the goal of pushing New Yorkers out of their homes. This bill can stop tenant harassment in its tracks.”

As the mayor claims, the Speculation Watch List will alert the city and state agencies of potential tenant harassment while serving as a warning for tenants and tenant organizations. All tagged properties will be closely monitored by these agencies and all tenants in listed buildings will be provided with legal support.

“We need every tool in our arsenal to keep New Yorkers in their homes and safeguard the affordability of our neighborhoods,” said Housing Preservation and Development Commissioner Maria Torres-Springer. “This new Speculation Watch List uses data to capture the signs of potential harassment and distress, and help protect residents from the threat of predatory investment.”

This most recent law is the latest in a string of efforts to protect New York’s tenants from harassment and displacement. It follows closely behind the release of Housing New York 2.0, an initiative established by the mayor to build or preserve 300,000 affordable homes by 2026.

Another similar endeavor was the establishment of the Tenant Support Unit, an agency that goes door-to-door across the city, informing tenants of their legal rights, recording building violations, soliciting complaints linked to harassment and eviction, and providing tenants with referrals to free legal support.

As a NYC landlord, this new bill plays an important role in the way you manage your properties.

This recent law, among others, has made it extremely difficult for landlords to lawfully claim that units are ‘market units.’ It is imperative that every landlord be certain that they can indeed claim this status in order to avoid a potential violation of the law.

Additionally, while you are likely always careful to treat your tenants with utmost respect, from here on, it’s prudent to be extra careful not to take any actions that can possibly be misconstrued as harassment on your part.

It’s equally important to be on guard when considering the purchase of a new building. Always check out the going price of similar buildings in the area before closing on a sale. Is the price unusually high? Is the seller promising that you can easily raise the rents, thus profiting further from the deal? While this may have been a lucrative business proposition in the past, buying a building under these conditions will now be an instant trigger for the Speculation Watch List and will place you under scrutiny of various city and state agencies. Similarly, don’t raise the price on any buildings you are trying to sell or you will run a similar risk.

New law got you stressed? No worries! As always, Jack Jaffa & Associates is here to help you comply with NYC law in every circumstance. We’ll be glad to help you determine how you can conform to the Predatory Equity Bill and ensure that you stay within the confines of the law, at all times.

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There’s just one glaring problem: with a tax code as complicated as NYC’s compliance code, finding which credits and deductions you qualify for can be a massive headache. You need to untangle the jargon of the tax code and then try to see if you fit the explicit criteria specified. Of course, no matter how well you do your homework, you’re always left wondering if you missed something important and you overpaid by thousands of dollars.

It’s hard not to get super-stressed just thinking about it.

No worries, though; we’re here to help! You already know that Jack Jaffa & Associates wants to make your life as a landlord as simple and profitable as possible, and you won’t be surprised to hear that tax prep is no exception. No matter how complicated you think your taxes and finances are, we’ve got you covered!

In the last three decades, our professional team has enabled hundreds of New York City developers to maximize their tax incentive values for properties ranging from new construction and preservation to major capital improvement projects; from luxurious high-rise condominiums to affordable housing projects; from commercial and manufacturing facilities to single family residences.

Since 1979, our team’s tax consulting services have  saved NYC property owners hundreds of millions of dollars.

Our years of experience in the field have granted us the unique opportunity to build strong, collaborative relationships with HPD, DHCR and the Department of Finance. This has helped us to identify, facilitate and secure benefits available through these agencies, specializing in a broad range of government incentive programs.

Here’s a quick rundown of some of the programs you may not be benefiting from that might be able to save you thousands of dollars:

1. 421-A

Partial Real Estate Tax Exemption Benefits Program which benefits developers of new multi-family residential housing buildings containing four or more dwelling units.

Are you working on a multi-family dwelling? Have you recently developed an apartment building? If yes, then you may be qualified for this exemption.

2. J-51

Tax Exemption Benefits Program which provides tax incentives for developers who’ve rehabilitated or executed major capital improvements in residential properties. It also provides benefits for any property whose status has been converted from commercial to residential.

This means, if you’ve successfully improved a dilapidated residential property or changed a commercial storefront to a residential dwelling, you qualify for this incentive.

3. ICIP/ICAP

Industrial and Commercial Incentives /Abatement Program which benefits newly constructed or modernized commercial or industrial properties. Please note that it is crucial that applications for these programs be filed prior to obtaining any permits.

Have you recently constructed or updated any kind of commercial property? As long as you’ve filed for these programs before acquiring your permits, this one’s coming to you!

4. MCI

Major Capital Improvement Rent Increase Program which allows landlords to recoup the cost of building-wide capital improvement expenditures.

Spent a ton on major improvements for your rental properties? You may just be able to put some of that money back in your pocket!

We don’t need to convince you how much you can save by capitalizing on every tax incentive you have coming to you. It’s more than just saving a buck, though – or even saving a few grand. By properly identifying and claiming the right advantages and incentives, you can significantly slash your operating costs. This, in turn, can help you secure better financing deals and create more attractive marketing conditions for all of your properties.

Here at Jack Jaffa & Associates, we are dedicated to helping each of our clients obtain the most incentives possible in the shortest amount of time. Call us today to find out how we can help you maximize your benefits this tax season.

You have nothing to lose and so much to gain!

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All that mystique, though, may soon be subject to change. Mr. James Vacca, a democratic City Council member from the Bronx, has recently introduced a bill that would require the city to publicize the codes that are utilized in making myriad government decisions. Mr. Vacca claims this move would end the secrecy behind these actions and bring back the fairness the code allegedly enforces.

Should this bill go into effect, NYC will become the first major city nationwide to offer complete transparency to its citizens. It’s probable that other major cities will follow suit, creating a massive change across the country.

Governments have access to an endless fountain of data. All that information is fed to the algorithm code, which then makes decisions based on the input. An algorithm may decide which school a child will attend, when garbage pickup will be in each neighborhood, and even which police precincts get the most officers.

The problem lies in the fact that the decisions this code produces are often nonsensical, or even discriminatory. One teacher was ranked at 97% in one class he taught, but only earned a 6% in another class. In a separate instance, ProPublica reporters studied the risk scores of 7,000 people as determined by the code, and found that blacks were more likely to be falsely rated as future criminals – at nearly twice the rate of whites. Algorithm decisions have also placed children in schools several districts away from their home, and have assigned jobs to city workers without accounting for lengthy travel time and personal preferences.

Revealing these codes won’t accomplish much; they are difficult to read and almost impossible to understand. However, researchers are discussing ways to include public participation before they are written. This way, the public will have a say in the decisions that affect their lives.

Since lots of the city’s codes are leased by private corporations, Mr. Vacca proposes that these codes be made available for “algorithmic audits.” These would allow the public to submit test data and review how the algorithm handles it.

As a NYC landlord, you can already appreciate the ramifications the proposed bill would have on your business life. With the algorithm code revealed, there will be no more secrets to any government decisions.

Most importantly, you’ll be able to anticipate when an inspection of your properties is scheduled. Naturally, this will take lots of the stress and the guesswork out of the process. If you know when the city inspectors are coming, you can prepare properly and make sure everything is in order. You’ll be granted the opportunity to do a quick scan of your properties and to fix any problems in order to avoid being issued a violation.

Of course, its best if your buildings are up-to-date with the latest laws and regulations at all times so that you never fear an inspection. We know how difficult that can be, though. That’s where Jack Jaffa & Associates comes in; we make navigating NYC’s compliance code simple. If you need compliance assistance of any kind, be sure to give us a call. We’re always happy to help!

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No worries, though. As always, Jack Jaffa & Associates is here to guide you through the latest amendment to our city’s complicated compliance code.

Going green is always in vogue. That’s why Local Law 84 was passed back in 2009. Since it took effect in 2011, owners of large buildings in NYC measuring more than 50,000 square feet, or groups of buildings on a single lot larger than 100,000 square feet, were required to annually measure, track, and report their energy, gas, water, and fuel consumption. This process is commonly referred to as benchmarking. Since these reports are made available to the public, it was anticipated that they would generate energy efficiency and a greener usage of resources.

If any of your properties were included in the criteria set for Local Law 84, you’ve likely grown accustomed to reporting your energy usage. But now this law is set to change.

Last October, NYC passed Local Law 133/16 amending the benchmarking law. The list of buildings required to benchmark has been significantly expanded and now includes mid-sized buildings measuring 25,000 square feet or larger. Owners of these mid-sized building must benchmark for the first time by May 1^st, 2018, and then by May 1^st of every succeeding year.

Another important change to Local Law 84 exempts owners of “garden apartments” from being required to benchmark. As of October 31, 2016, the list of buildings required to benchmark excludes all residential properties that consist of three stories or less, for which ownership and maintenance responsibility of the HVAC and hot water heating systems are held by each individual dwelling unit owner. In simpler terms, if there is no HVAC system or hot water heating system in the series of dwellings that serve more than two units, the properties are exempt from benchmarking.

To submit benchmarking reports, owners must register with the Environmental Protection Agency (EPA), and then enter their utilities data spanning from January 1^st to December 31^st of the previous year into the EPA’s Energy Star Portfolio Manager.

As always, failure to comply with the law will result in a violation.  Any property on the Covered Buildings List that has not submitted a benchmarking report by the May 1^st deadline will receive a Notice of Violation from the NYC Department of Buildings and be fined $500. Continued failure to benchmark will result in a $500 penalty being issued each quarter, up to a maximum of $2,000 fined per year.

To learn if you are required to benchmark, you can review your property tax bill from the Department of Finance. Look for a section marked “Greener, Greater Buildings Plan Compliance Notification.” You can also check the Covered Buildings List found on the GGBP website for your borough, block and lot (BBL) number. Please note, though, that the list of buildings covered by Local Law 133 had not yet been updated for 2018.  However, it is smart to start tracking your energy usage if you have reason to believe your properties may fall on this list.

The NYC compliance code can seem to change with the seasons. That’s why Jack Jaffa & Associates is here to keep you updated on the latest laws and amendments to the compliance code. We’ll always keep you in the loop!

The post What the Local Law 133 Means for You as a Landlord appeared first on Jack Jaffa & Associates.

Gas leaks are one such insidious peril. They can cause tremendous damage and often lead to a full-blown, catastrophic explosion. Landlords in NYC need to be extra vigilant about their gas lines, as the city hosts some of the country’s oldest gas lines, making them more susceptible to leaks.

As a landlord, it is your responsibility to ensure that your gas lines are running optimally and are in perfect shape. Sometimes, though, a tenant may suspect a leak. Do you have a procedure in place in the event of such an occurrence? Does your tenant frantically call your building’s Super? Should they first phone the police? When do they let the gas provider know about the problem? There is so much confusion at play that can cloud an already stressful time.

To that end, the government has passed Local Law 153 of 2016, effective as of June 4^th, 2017. The law requires all landlords to notify residential tenants about proper procedures to follow in the event of  a suspected gas leak.

This notification must be provided in two ways:

1.) Delivering personal notices

The owner must deliver a notice detailing proper procedure in the event of a suspected gas leak to every tenant and prospective tenant of all tenant-occupied units, including multi-family homes.

2.) Posting a notice

The owner must also post a notice containing this information a common area of the building. This notice may be posted alongside any other existing notices and must be maintained.

The notice should instruct your tenants to call 911 immediately upon suspicion of a gas leak. Next, the tenants should notify the gas provider, whose name and emergency phone number should be included in the notice. Only then, should the tenant contact the landlord or manager of their dwelling. These procedures are designed to minimize the damage caused by gas leaks and to ensure the safety of every  tenant.

The wording of the notice must meet with governmental approval. Until the law is finalized and the exact language is determined, owners are requested to post a notice issued by the government.

You can find a notice to use for your properties at this link: https://www1.nyc.gov/assets/buildings/local_laws/ll153of2016.pdf.

If you do not already have a notice hanging in a public area of your buildings, post one immediately. Similarly, if you have not yet delivered a notice to each of your tenants detailing proper gas leak procedures, do not hesitate to do so.  Failure to comply with this law can result in a violation, which can lead to heavy fines and tremendous aggravation on your part.

We know that NYC code compliance can be burdensome. Jack Jaffa & Associates is here to help you navigate the dozens of regulations and keep you updated on the latest laws. We want to make your life easier!

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