You have to pay your rent to keep your home from falling into disrepair.
But that’s just the beginning.
New York’s rent-stabilization law also helps you negotiate a better deal.
If you want to buy a new home, you must also pay for all the new materials you’ll need.
But if you want a cheaper one, you’re still required to buy all the necessary materials.
But how do you do that?
That’s where our rent-purchasing guide comes in.
Read moreHow to get a better rent dealIn New York, landlords can charge up to 10% more for repairs than other landlords.
That’s true in any major city.
It’s called rent-per-square-foot (or RPSF), and it applies to all residential buildings, not just condos.
For example, if you rent a home in Manhattan, the RPSf would be 10%.
In Brooklyn, it would be 15%.
If you rent an apartment in the Bronx, it’d be 18%.
And so on.
RPSFs apply to all kinds of residential properties in New Yorkeras well.
Rent-stability laws, on the other hand, can apply to condos only.
That means the law only applies to rentals that are owned by a real estate agent.
So how do landlords know when a building is no longer affordable?
The first thing to do is to see how much your rent is.
You can check your rent and find out whether you’re eligible for an RPS in the “My Rental Income” section of your rent contract.
You also have the option of calling the Rental Assistance Hotline at 1-800-222-4888 and submitting a form to request rent adjustments.
You can also check the rental history of the building.
You’ll see the total amount of repairs that the building has made, and you can see what rent you’re paying for that period.
(For example, a building that was recently renovated might pay $400 for each day that it has been vacant.)
If you can afford to pay more than your rent, you may qualify for rent subsidies.
In other words, if the property is a rental, the city will subsidize the cost of repairs in exchange for providing you with more affordable housing.
You may also qualify for help with paying down your mortgage.
If the building’s owner can’t afford the repairs, the developer may be able to cover the difference.
For example: If you own a building with a RPS of $1,000,000 and the city requires you to pay $1.50 per square foot of your building, the building owner may be willing to pay you $1 per square inch.
If, however, you own an apartment that is more than a half-million square feet, you’ll have to pony up an additional $1 for every square foot.
(This applies to both condos and apartments.)
If you have more than one rental unit in your building and the owner of the property doesn’t pay your monthly rent, the government may be forced to intervene to help pay down your loan.
A landlord’s rent subsidy program can also be applied to repairs you need to do yourself.
You’d qualify for a subsidy if your repair costs exceed $2,000 per month.
This includes any repairs you do yourself, such as fixing broken windows and doors, removing mold and mildew, and cleaning up paint, stains, and other mildew and damage.
If you’ve already got a lease and you’re renting an apartment, you might be eligible for a rent subsidy if the building you rent isn’t currently affordable.
This means that you can get up to $2 per square meter of the apartment if it’s being rented out, or you can qualify for up to a $1 reduction on your monthly rental payments if you’re leasing the building yourself.
If a property owner doesn’t have enough money to pay repairs, it might be possible for the city to step in and help.
In New York and many other states, the state government will step in if a property is in need of repairs.
If this happens, you can apply for rent-subsidy help from the city’s Rent Assistance Bureau.
If it’s an apartment building, you’d be eligible to receive up to an additional 2% reduction on the rent.
The Bureau will also help you apply for a temporary subsidy.
The subsidy would be reduced to the maximum amount allowed under state law if you qualify.
The city’s rent subsidies are just one part of the rent-fixing process.
Many New Yorkers are still in a rent crunch, and they’re working hard to keep the pressure on.
So don’t be surprised if you see more and more rent-related problems popping up on your doorsteps.