New landlord laws for Upstate New York

[Logan Graham]

On the 14th of June 2019 New York state passed a lot of new laws for Landlords to follow. I work in residential and this is what I have learned so far from all these changes. 

1. Eviction Process:  There is now a 14 day notice (used to be a 3-day notice)

2. Late Fees: The late fee is now capped to $50 or %5 of the rent, whichever is lower.

3. Receipts: You have to give a receipt to all tenants when they pay no matter the way they pay. If they didn't pay in person you have 15 days to get it to them.

4. Security Deposits: No more double security deposits.. It cannot exceed 1 month of rent.

Does this mean you need to sell all your properties in New York? I think it is to early to tell what this will mean for investors in the long term.

There is much more to this law and this is just what I have gathered so far. Let me know what you have found.