Workers repair a water leak. (Courtesy Enokson/Flickr)
It will now be increasingly difficult and costly for New York landlords to flip properties by making quick fixes to buildings that require major structural repairs and improvements. The New York City Council passed a bill yesterday that will allow the Department of Housing Preservation and Development (HPD) to clamp down on landlords who don’t “repair underlying conditions that lead to repeat violations” stated the City Council in a press release.
These violations could include leaks or damaged roofs that lead to mold, which could have a deleterious effect on a tenants “quality of life, health, and safety.” The new legislation will give the owner a four-month period to take the proper measures to fix the problem and provide proof of their compliance. Landlords could face penalties of $1,000 per unit or a minimum of $5,000 if they fail to comply with the order by deadline.