En esta noticia
In New York in 2024, the Good Cause Eviction law was approved, a law that granted greater protections to tenants in relation to their rental contract, the situations where owners can end it, and authorized increases.
In that sense, according to what the authorities indicated, in New York City for example all owners of homes covered by this law can use it in court to challenge increases that exceed the allowed limit.
What is the maximum allowed increase limit for owners
This regulation set a rent standard to determine the maximum amounts that property owners may consider.
With its application, the maximum allowed limit is calculated by adding the local inflation rate plus 5%, although the cap in any case is 10%.
“If the inflation rate for the New York area were 3%, the local standard rent would be 8%,” the authorities explain, since the permitted 5% is added to inflation. If it is increased above the local standard, the court could consider it unreasonable.
Other changes introduced by this Rent Law
According to the legislation, at the time of ending a contract the following guidelines are now established
- Owners must prove that they have just cause for eviction
- The measure applies to both evictions and non-renewal of the contract
- It applies to tenants without a written contract
- Tenants can use this rule as a defense before the corresponding court
According to the authorities, all residents have the right to remain in their property until they are evicted through due judicial process or decide to leave.