MD Squared Property Group
NYC has established a clear path for boards and managing agents of coops, condos & HOA’s to get their buildings officially registered as prohibiting short-term rentals.
Local Law 18 provides regulations outlining the registration process, giving onerous associations an effective tool against tenants bypassing building rules by participating in illegal renting activities. With this roadmap now available, owners can rest assured that they’ve done all they can to protect their property investments!
On March 6, 2023, the OSE is opening registration for their application process to request exemption from Section 21-09’s prohibited buildings list. The applicant must provide personal information such as a name and contact details along with evidence of ownership if applicable
Prospective applicants must ensure that their leases and occupancy agreements don’t allow for short-term rentals in order to satisfy the final requirements set forth by the OSE. The biggest challenge may be providing proof or documentation to satisfy OSE, but with careful preparation, this requirement can easily be fulfilled.
Professionally managed associations have the option of entrusting either their managers or board members with submitting applications – allowing them to stay informed and actively involved.
Discovering the “proof or documentation” governing short-term rentals can be of utmost importance. Whether it’s in a set of bylaws, an ordinance amendment, or some other form: locking down what is and isn’t allowed for leases under 12 months could make all the difference when staying on top of rental regulations.
The OSE has revealed its intention to keep a watchful eye on Airbnb listings. A special list of prohibited buildings is being compiled and will be showcased online, always up-to-date with real-time revisions if necessary.
Time will tell what types of accommodations are eventually allowed – or disallowed – by the government body as negotiations continue between both organizations behind closed doors.
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