Q. A luxury condominium owner purchased their unit in 2018 and was previously allowed to rent the unit out for the summer to visitors without any issues. Since the passing of the new tenant protection laws, landlords are no longer allowed to accept deposits or advances that exceed more than one month’s rent. How can a landlord attempting to rent out their condo unit only for the summer months still do so without violating these new laws?
A. The Housing Stability and Tenant Protection Act of 2019 passed on June 14th has created major issues for landlords across New York, especially those who normally rent out their condominiums or cooperatives over the summer months to live in their summer homes. In order to stay in check with the new laws you could make the summer rent one fee and one payment rather than a three month rental due on the first of the month. For example, you could make the rent for July and August free and charge all of the money in June’s rental payment. You could also use a third party guarantor to get around this law.
This was originally published on ALBlawfirm.com.