On June 26, 2015 Governor Cuomo signed a massive housing bill into law, Chapter 20 of the Laws of 2015, which includes two important provisions for the loft tenant community.
Section 21 of that law reopens the Loft Law application process for two years (effective June 26, 2015 through June 26, 2017) which gives tenants and landlords the opportunity to submit new applications for coverage with the NYC Loft Board. This was the culmination of over a year’s worth of volunteer’s efforts to educate tenants who missed the original deadline and activate politicians, helping them see the urgent need for tenants and landlords to have an opportunity to bring more buildings into fire and safety compliance, and create new affordable, middle-income, live/work housing for NYC. Continue reading
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