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IIRC by NYS law "late" is the 10th or 15th of month, not sure which.
It's like credit/charge cards and other debts. Places don't report until an account is 30 days past due. This when in actuality it's more like near sixty since two billing cycles occur before that thirty days hits.
Good to know. Here in NJ, it is 5 business days. (Just looked it up)
Good to know. Here in NJ, it is 5 business days. (Just looked it up)
Edited previous post after doing some research.
NYS law considers rental payments late if received five (5) days after due date.
Sorry for confusion....
Many rent regulated LLs bill between 10th and 15th of each month. Thus payments received say five days but before ten days late may not incur late fees.
I agree. This is an excellent tool in the arsenal for LLs to fight back with in a city that has made life for LLs extremely difficult in terms of getting rid of bad tenants.
As the article in your OP notes, the vast majority of deadbeats started to pay their rent when told they'd be sent to collections, which would wreck their credit scores. Only the most militant few held on, and they're paying the consequences of their militancy.
As others have noted, one of the downsides of their anti-LL laws is that LLs have less incentives to actually fix, upkeep, and improve their properties. Not when their ability to increase rents is capped and not when they can't get out bad tenants who destroy property and would only continue to destroy properties once improved.
That's all very well but when you consider about 65% or nearly 70% of all rental housing in NYC is either rent regulated, NYCHA or otherwise under direct or indirect government control "dead beats" usually win.
It is extremely difficult to remove rent regulated tenants even for something straight forward as nonpayment of rent. Bringing a hold over proceeding for chronic late payment of rent is almost rarely done in such situations because bar is too high.
That being said LLs will often bring such suits even if they don't win. Legal proceeding alone is enough to rattle a tenants cage I suppose. Though with mandatory legal representation for tenants outcome likely is different once they get lawyered up.
To be clear usually line is drawn between just paying rent late versus tenant being hauled into court for eviction due to non-payment of rent.
A rent regulated tenant who pays his/her rent each month when they GD feel like it (even if at end of month) may rack up late fees, but long as they haven't been served with a three day notice, or worse hauled into court there's little a LL can do. Life goes on including being sent mandatory lease renewal notices.
That's all very well but when you consider about 65% or nearly 70% of all rental housing in NYC is either rent regulated, NYCHA or otherwise under direct or indirect government control "dead beats" usually win.
It is extremely difficult to remove rent regulated tenants even for something straight forward as nonpayment of rent. Bringing a hold over proceeding for chronic late payment of rent is almost rarely done in such situations because bar is too high.
That being said LLs will often bring such suits even if they don't win. Legal proceeding alone is enough to rattle a tenants cage I suppose. Though with mandatory legal representation for tenants outcome likely is different once they get lawyered up.
To be clear usually line is drawn between just paying rent late versus tenant being hauled into court for eviction due to non-payment of rent.
A rent regulated tenant who pays his/her rent each month when they GD feel like it (even if at end of month) may rack up late fees, but long as they haven't been served with a three day notice, or worse hauled into court there's little a LL can do. Life goes on including being sent mandatory lease renewal notices.
Winning is made all the easier if there is no real consequence for bad behavior. Again, we saw from the very article in your OP the impact that sending deadbeats to collections had. This isn't about removing tenants as this city isn't going to change the law to make it easier to do so. No, this is about LLs using more of the tools available to them to hold tenants to account. Sure, you'll have some people (either militantly stubborn or otherwise just unable to do so out of poor circumstance) who won't pay rent regardless and who will continue to flout the rules, but greater LL action via collections I think can go a long way to increasing rent compliance. Just my two cents anyway.
NYS law considers rental payments late if received five (5) days after due date.
Sorry for confusion....
Many rent regulated LLs bill between 10th and 15th of each month. Thus payments received say five days but before ten days late may not incur late fees.
I just signed a lease for a Housing Connect Apartment (so GRATEFUL!)… And it said 5 days; however, the company handling the payments for my LL stated it will be considered late after 15 days. I was quite surprised! In my opinion that is very lenient.
I don't know people are following this and the amount of car repos happening. All of this because the inflation and cost of living increases. People can't afford basic things like rent, car payments, and soon all of this will cause banks and LLs to be eating the cost for not being able to curb inflation. The Fed is doing the wrong ways to curb inflation they should be lowering borrowing cost not increase to fight inflation of cost of goods and services caused by supply and political disruptions. Increasing borrowing costs will hurt people who have only credit to pay for necessities and now people with sky high CC and car loan interest rates will start to cause a major wave of loan failures.
I don't know people are following this and the amount of car repos happening. All of this because the inflation and cost of living increases. People can't afford basic things like rent, car payments, and soon all of this will cause banks and LLs to be eating the cost for not being able to curb inflation. The Fed is doing the wrong ways to curb inflation they should be lowering borrowing cost not increase to fight inflation of cost of goods and services caused by supply and political disruptions. Increasing borrowing costs will hurt people who have only credit to pay for necessities and now people with sky high CC and car loan interest rates will start to cause a major wave of loan failures.
when you have supply side issues and not enough workers or supply , the only way to curb demand is increase rates …..lowering rates is once demand is curbed and either matches or falls behind supply.
lowering rates would only increase demand on things still in short supply .
i just got the second key for my lexus last week , i bought the car in july …. but chip shortages prohibit them giving two keys now .
some people waited a year but now things are beginning to catch up but not there yet.
stock and bond markets have priced in a march rate cut
Good to know. Here in NJ, it is 5 business days. (Just looked it up)
In CT it's 9 business days - so after the 10th it's late. Interesting to see the different rental laws in the tri-state area.
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