Monday, March 3, 2014

Hoboken Rent Control Amendment - January 2014

While Mile Square Tax Association was fighting in court to push through their rent control referendum (which failed both the public vote and the court challenge), the City Council put through a pretty significant amendment to Hoboken's Rent Control Ordinance.

Namely, if an owner occupies a property for 2 years, he/she can apply to 'reset' the base rent to market by completing an affidavit that attests that he/she has lived in the property for 2 years before renting it.  Along with the affidavit, the owner must submit documents such as tax returns, utility bills and the like to evidence that they really lived in the property.

See both the amendment and the affidavit form with instructions below and read the amendment right here.

It's clear from reading this that if the owner fails to complete the form BEFORE his/her tenant moves in the owner CANNOT go back and complete the paperwork.

My advice to homeowners is as you hit two years in your place in Hoboken, complete the paperwork immediately so when you go to move, you don't forget and lose your right to do so.

This amendment applies only to Condos and Coops.

Here is the affidavit form with instructions.

Information provided by Donna Antonucci
Weichert Realtors