Let's talk more about ERAP. According to CHIP's latest survey only 44% of renters with arrears applied for the program. CHIP estimates that the program will need at least $2 billion more in funds. Although the question still is how to get this fund, CHIP is working hard to figure it out and will update us soon.
According to an article posted by Democrat & Chronicle, Rochester does not meet the state threshold for rent stabilization. The city spent $40,000 to do a housing vacancy survey, which is the first step in attempting to implement rent stabilization. The city must have up to a 5% threshold in order to declare a housing emergency and implement the Rent Stabilization Laws. Rochester has an estimated rate of 9% which is significantly higher. CHIP believes this is good news due to the harsh requirements of Rent Stabilization Law but because of this CHIP believes that tenant activists will now push for the Good Cause Eviction bill to pass.
Last but not least, property owners are now required to post the new energy grades in order to comply with local laws 2018/033 and 2019/095. CHIP has posted a flyer that they believe should be displayed next to the BEER as a way of clarifying to tenants that their energy consumption contributes to the overall score.
This concludes today's update! Make sure you are following us so you can stay up to date on all things related to NY real estate news!