The pushback against the Housing Stability and Tenant Protection Act has begun. And for co-op boards, it has produced its first burst of good news. The New York Department of State has just issued a Guidance for Real Estate Professionals that addresses one of the law’s numerous provisions that had infuriated many co-op boards and their managing agents: a $20 limit on application fees. As originally written, the law prohibits landlords, lessors, sub-lessors, brokers, and salespersons from collecting an application fee greater than $20 from a potential tenant. Since co-ops have a landlord-tenant relationship (unlike condominiums), co-ops fell under the purview of the rule. Read the article………………………….
Related Post
June 30, 2022
November 24, 2021
January 21, 2015
Comments are closed.