Operating Costs Up, Led by Taxes

The Rent Guidelines Board reported yesterday that the Price Index of Operating Costs for stabilized apartments rose 5.9 percent from 2012 to 2013 and predicted a 2.6 percent increase next year. The numbers are used in helping the board set  allowable rent increases.

In a second report, the RGB analyzed 2012 Owners Income and Expense filings, mostly reflecting calendar 2011 expenses. Average operating costs were $1322 per unit per month in core Manhattan and $694 elsewhere. Taxes remain the highest expense.

In a case where it is hard to know if the courts or the law are crazier, the Appellate Division, First Department ruled in Branic International v. Pitt that a squatter who didn’t pay rent was entitled to stabilized hotel tenant status after living in a unit for six months. The Court noted that the law doesn’t say someone has to pay rent to gain tenancy status.

Meanwhile, the Landmarks Preservation Commission agreed to triple the size of the Bedford Stuyvesant-Stuyvesant Heights Historic District, boasting that the total of landmarked properties in the City is now  over 31,000.

Plan your day April 24th at BuildingsNY-

ABO’s Mayoral Candidate Forum on Housing Development  at 8 a.m.

ABO’s Local Law 87 Seminar : Retro-Commissioning: This Time it is Serious at 10:30 a.m.

Register for the show,  forum and seminar by clicking here.

ABO, RAM and CHIP free cocktail reception for owners and managers only from 4 p.m.- 6 p.m. on the 24th. Sign up here or call our office for information.


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