Legal Services NYC’s Post

Good Cause Eviction bill becomes law - as a weakened version than proposed. The new measure will require landlords to offer a lease renewal to tenants who pay their rent and follow the terms of their previous lease agreement. It will also allow renters to challenge rent increases above 10%, or 5% plus the consumer price index, whichever is lower. The new law takes effect immediately. But it also includes a number of carve-outs, including a confusing portfolio exemption allowing owners with 10 or fewer units across multiple properties to dodge the rule, and a 30-year exemption for buildings opened since the start of 2009. https://lnkd.in/eKJ4xquT

Whether the Renters’ (Reform) Bill worries or excites you, you’ll need to understand it in detail. That’s because it’ll soon be a part of the law that your letting business must follow. Read our guide for more 👇 https://bit.ly/3CUadHn #landlords #lettings

The Renters’ (Reform) Bill is an 89-page legal document with a lot of detail about the new rules. We've summarised some of the key points for #landlords in our latest guide ⬇️ https://bit.ly/3CUadHn #lettings #rentersreform

If you are a landlord, pay close attention to this message. If you are a tenant, pay close attention to this message. Rental laws may soon drastically change. The administration is proposing a federal set of rental regulations that puts tenant rights front and center. Here’s what could change if it’s successful: ·  The federal government – not states -- will control rental regulations, including zoning and evictions. ·  A national “just cause” law to evict tenants will be established. ·  The time it takes to evict a tenant for non-payment will be substantially increased – to as long as a year – and the tenant could stay on the property during that time without ever making a payment. The President is likely to issue executive action orders to push these changes through. If this happens, how will you respond to the changes? It’s week 206 of our FREE weekly and Adam and Jack are back (Gary’s on break) with real estate attorney Michele R. (Sanna) Peltz to dive deep into the details of this proposal and how you can minimize its financial impact. Please join us! Date: Thursday, May 9, 2024 Time: 11 a.m. ET Cost: FREE! https://lnkd.in/gWXF2y9 Shumaker, Loop & Kendrick, LLP BGW CPA, PLLC

We're seeing a number of landlords seeking to include additional grounds of opposition to try and avoid paying compensation. This case demonstrates that succeeding on a fault ground is very difficult and that including such a ground means a landlord risks paying the costs of a tenant having to take the matter to court. With thanks to my colleagues Laura Kent and Laura Ford for co-writing the article. #landlordandtenantlaw

LEGAL UPDATE EVERYONE ... The Leasehold and Freehold Reform Act has officially become law, marking a significant shift in the property landscape. This reform aims to create a fairer and more transparent system for leaseholders and freeholders alike. Here's a look at what this means for homeowners and the property market: Key Provisions of the Act: 🔹 Abolition of Ground Rents: One of the most impactful changes is the abolition of ground rents for new leasehold properties. This change eliminates the financial burden of escalating ground rents, ensuring that future homeowners are not subjected to unfair charges. 🔹 Lease Extensions Simplified: The Act simplifies the process of extending leases, making it more affordable and less cumbersome for leaseholders. This provision provides greater long-term security for those living in leasehold properties. 🔹 Enhanced Right to Manage: The new law makes it easier for leaseholders to take over the management of their buildings. This empowers residents to ensure their properties are maintained to a higher standard and services are provided more efficiently. 🔹 Promotion of Commonhold: The Act promotes commonhold as a viable alternative to leasehold. Commonhold ownership allows individuals to own their flats outright while sharing ownership of communal areas, fostering a stronger sense of community and ownership. Implications for Homeowners and the Property Market: Increased Security: Homeowners will experience greater financial and legal security, knowing that their investments are protected from exploitative practices. Market Transparency: The Act brings more transparency to the property market, encouraging fair practices and increasing trust among buyers and sellers. Future Developments: Developers will need to adapt to these changes, likely leading to a shift in how new housing projects are structured and sold. Looking Ahead:This reform is a monumental step towards a more equitable property market. It's a victory for the many leaseholders who have campaigned tirelessly for these changes, and it sets a new standard for property ownership in the UK. As we move forward, it's crucial for all stakeholders—homeowners, developers, and legal professionals—to stay informed and engaged with these developments. Together, we can ensure that these reforms lead to a fairer, more transparent housing market for everyone.Let's celebrate this milestone and continue working towards a better future in property ownership! 🏠💪 #LeaseholdReform #FreeholdReform #PropertyLawdisputes #HomeOwnership #RealEstatedisputes #PropertyMarket #LegalReform #TVEdwardsLLP

2024 is set to be a pivotal year for the #propertysector, marked by significant legislative reforms. In this blog post we discussed the expected changes to #leasehold properties in light of the Leasehold and Freehold Reform Bill and reforms that could affect #commercial #tenants under the Landlord and Tenant Act 1954.

A useful and incisive review of changes in this area of law of equal relevancy to landlords and tenants alike.

The Republicans in the Georgia state legislature this year apparently cut some sort of deal with someone (it's still unclear exactly what they got and who they got it from for caving on this), and they made some terrible changes to landlord/tenant law in the state, including capping security deposit amounts at 2x the rent. Prior to this awful legislation, we were very happy to work with tenants who had less than great credit, but we did so by charging much higher security deposits. Now that the geniuses in government have taken that right away from us (a violation of private property rights, in my view), we are having to take actions to reduce our risk. As a result, many property managers and landlords are increasing their minimum criteria for approvals of tenant applications, which means more tenants will have a hard time finding a place to live. At my company, we're going a different route. We will still approve these applicants, but we're doing so only with very high risk mitigation fees that the tenants will have to pay. We think this is better than straight up denying them as many others are doing. But obviously, none of this was actually in the best interests of low-income tenants. So-called "tenant advocates" are always taking actions that they claim are to benefit low-income tenants, but the unintended consequences of these policies they push are always hurting tenants far more than what the free market was doing. Whether it's security deposit limits, screening method limits, "source of income" protections, "just cause eviction" standards, or whatever other nonsense they come up with, these things are ALWAYS to the detriment of tenants. Do you want to actually help tenants? Then remove regulatory barriers to new construction. Because the only thing that will REALLY help tenants is an increase in supply of available rental homes. That's it.

The new California law to "bolster eviction protections" might make property owners nervous. Here's a quick summary of how SB567 may impact you: FOR OWNERS - single-family homes are exempt - the intent of the law is to close a loophole and make sure owners don't circumvent existing rules - this relates to "no-fault evictions," which means giving notice-to-vacate when you plan to move into the property or do major renovations - you'll need to provide more documentation to ensure that you're actually planning to move in, or that you are, in fact, moving forward with renovations - if you (or a family member) are moving in, you'll need to do it within 3 months, and stay for 1 year FOR RENTERS - this doesn't apply if you rent a single-family home - your landlord already has the right to ask you to move out (with 120-day notice) if they or a family member intend to move in, or if they're planning major renovations - this law makes sure they actually take those actions and helps keep landlords from using this as a way to get around rent control https://lnkd.in/gRsM43Ag