The 2013 Clean Up the Loft Law will sunset this June 30, 2015.
The rent milestones will double (from 3-3-4% to 6-8-6%), amongst other things (read more here). Get involved now to help make sure this doesn’t happen:
New York City Loft Tenants is a volunteer organization of loft tenants who provide advocacy, education and outreach services regarding the Loft Law for loft tenants throughout NYC.
What is the Loft Law?
This year several important provisions to the Loft Law will “sunset” (expire) on June 30, 2015. These are items tenants worked hard to fix thru the 2013 Clean Up the Loft Law campaign (A3354/S2320) which:
- reduced rent milestones to 3-3-4% (instead of 6-8-6%),
- reduced the minimum square footage for applicant units to 400sq ft (instead of 550), and
- gave the Loft Board the authority to “include units under the loft law despite any incompatible uses in the building.”
If this bill is allowed to expire, any applicants or tenants affected by these provisions will be held to the previous language of the law. For example, if a tenant has not yet reached the second rent milestone at the 3% rate their rent will increase by 8% instead, or, if an applicant has a 400sq ft unit they could loose their coverage hearing because the law would require a 550sq ft minimum.
There are other problems with the Loft Law that the NYCLT community would like to fix. Continue reading