Sourced explainers on how
NYC housing rules actually work.
Plain-language breakdowns of the taxes, rules, and thresholds that drive the math in our calculators (mansion tax cliffs, closing costs, board requirements, and more), each one backed by a named, checkable source.
Renting
Breaking a Lease in NYC: What You Could Owe
Breaking a NYC lease? Landlords must try to re-rent, and seniors, domestic violence survivors, and servicemembers can end leases early. See what you could owe.
FARE Act: Who Pays Broker Fees in NYC Now
The FARE Act (effective June 11, 2025) shifted NYC broker fees from tenant-paid to whoever hires the broker. See the rule, a worked move-in cost example, and the law's current legal status.
Good Cause Eviction in NYC, Explained
NY's Good Cause Eviction law protects many NYC market-rate tenants. See who's covered, the 8.38% local rent standard, notice rules, and a worked rent example.
How Much Does It Cost to Move in NYC?
The full cost of moving to a new NYC rental: first month, a capped deposit, the $20 fee, movers, overlap rent, and optional broker or guarantor fees, explained.
NYC Rent Stabilization Explained: What Tenants Should Know
Rent stabilization caps how much a NYC landlord can raise your rent and gives you renewal and succession rights a market-rate lease doesn't. See how to check if you're covered and the 2026-27 rent freeze.
NYC Guarantor Companies: What They Cost and When to Use One
Can't hit NYC's 40x income rule and don't have a guarantor earning 80x? Institutional guarantor companies charge a one-time fee, commonly about 60%-110% of a month's rent. See how they work, who qualifies, and a worked cost example.
Security Deposits & Move-In Costs for NYC Renters
NYC security deposits are capped at one month's rent and application fees at $20. See exactly what a landlord can and can't charge at move-in, how deposit refunds work, and a worked cost example.
NYC's 40x Rent Rule Explained
Most NYC landlords require annual income of 40x the monthly rent to qualify. See exactly how the math works, why 40x specifically, and what a guarantor needs to earn instead.
Buying
Condo Common Charges in NYC, Explained
NYC condo common charges pay for the building, split by each unit's common interest. Unlike co-op maintenance they exclude property tax, and lenders count them.
How Mortgage Rates Change What You Can Afford in NYC
At a 7.4% mortgage rate, a $150,000 income qualifies for about $415K in NYC co-op or $551K in condo, per this site's DTI math. See how each half-point of rate moves your max price and the income you need.
How Much Down Payment Do You Need for a NYC Apartment?
NYC co-op boards usually want 20% to 25% down, and some ask for 50% or all cash. Condos can go lower, with PMI. See the minimums and the cash math.
How Much Income Do You Need to Buy a NYC Apartment?
The income you need to buy a NYC apartment depends on whether it's a co-op (28% board DTI) or condo (43% lender DTI): the same price can require a $70K+ income gap. See the math.
Rent vs Buy in NYC: How to Actually Run the Comparison
Rent or buy in NYC? It turns on price-to-rent, closing costs both ways, what your down payment would earn, and how long you stay. A worked example.
Co-op vs Condo in NYC: What Actually Costs More
Condos cost more upfront in mortgage recording tax; co-ops cost more over time in reserves and flip tax. See the real numbers on both sides before deciding which fits your budget.
PMI on NYC Condos: When You Need It and How Much It Costs
Private mortgage insurance kicks in on conventional condo loans with under 20% down. See the rate tiers by down payment, a worked monthly cost example, and how to get PMI cancelled once you hit 20% equity.
NYC Co-op and Condo Property Tax Abatement Explained
NYC's co-op/condo abatement cuts property tax 17.5% to 28.1% for primary residences. See who qualifies, how it reaches co-op vs condo owners, and its status.
NYC Seller Closing Costs Explained: What You Actually Net
NYC sellers typically pay 7%-10% of price in closing costs: broker commission, NYC & NYS transfer tax, and (for co-ops) a flip tax. See every line item and what determines your net proceeds.
CEMA in NYC: How to Cut Mortgage Recording Tax
A CEMA (Consolidation, Extension and Modification Agreement) lets NYC borrowers pay mortgage recording tax only on new money, not the full loan. See how it works on refinances and purchases, what it costs, and a worked example.
NYC Closing Costs for Buyers: The Full Breakdown
NYC buyer closing costs typically run 2%-4% of price for a financed resale condo and 3%-7%+ for new development. See every line item, from mortgage recording tax to title insurance to attorney fees.
NYC Mansion Tax Explained: 2026 Tiers and the $1 Cliff
The NYC mansion tax runs from 1% to 3.9% of the purchase price on residential sales of $1,000,000 or more. See the current tier table, how the $1,000,000 cliff works, and a worked example.
NYC Pied-à-Terre Tax Explained: Who Owes It Starting 2026
NYC's new pied-à-terre tax (effective July 1, 2026) is an annual surcharge on high-value homes that aren't the owner's primary residence. See the thresholds, the 2026-2028 condo and co-op rates, and a worked example.
485-x Tax Abatement: What It Means for NYC Condo Buyers
485-x replaced 421-a as NYC's new-construction tax abatement in 2024. See how it affects a condo's property tax line, how long it lasts, and what to check before buying an abated unit.
Co-ops
How Much Reserve Does a NYC Co-op Board Require?
NYC co-op boards typically require 12 months of post-closing liquid reserves, or 24+ at conservative buildings. See how the math works, what counts as liquid, and a worked example.
Co-op Maintenance Explained: What You're Paying For
NYC co-op maintenance bundles the building's mortgage, property taxes, staff, and upkeep, split by shares. See what's deductible and how boards count it in DTI.
Special Assessments vs. Maintenance Increases: Why Some Co-ops Keep Maintenance Flat
Some NYC co-ops hold maintenance flat and cover shortfalls with special assessments. See why boards do it, the tax and lending differences, and how to read the real monthly cost.
How NYC Co-op Board Approval and the Board Package Work
NYC co-op boards can reject a buyer without giving a reason. See what goes into a board package, how the interview works, typical processing fees, and how long approval actually takes.
Co-op Flip Tax in NYC Explained
NYC co-op flip taxes typically run 1%-3% of the sale price, seller-paid, and can run far higher (commonly around 30% of profit) at income-restricted HDFC buildings. See how it's structured, who actually pays, and a worked example.
Affordable Housing
HomeFirst Down Payment Assistance: NYC's Up-to-$100K Buyer Loan
NYC HPD's HomeFirst gives first-time buyers up to $100,000, forgivable, toward a down payment or closing costs. 2026 income limits, rules, and how to apply.
What Is AMI in NYC? Housing Connect Bands Explained
AMI (Area Median Income) sets every income limit on NYC's Housing Connect affordable housing lottery. See HPD's 2026 income table by household size and how bands from 30% to 130% AMI work.
NYC Rent Freeze Program: How SCRIE and DRIE Work
SCRIE and DRIE freeze rent for NYC seniors 62+ and tenants with disabilities earning $50,000 or less. Eligibility, the one-third test, and how to apply.
Income & Salary
NYC City Income Tax Explained: Rates, Residency, Take-Home
NYC residents pay a city income tax of 3.078% to 3.876% on top of NY State tax. See the 2026 brackets, who counts as a resident, and what it costs a paycheck.
How Much Salary Do You Need to Live in NYC?
There are two different answers to "how much salary do I need to live in NYC": the income a landlord requires to qualify you, and the income it actually takes to cover your budget after tax. See both, with the math.
Run your own numbers
Every guide here feeds into the same calculators, so once you understand a rule you can see exactly how it affects your max price or affordable rent.