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
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 current increase caps.
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.
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.
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
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.
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 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.
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.
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.
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.
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.
Co-ops
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.
How Much Reserve Does a NYC Co-op Board Require?
NYC co-op boards typically require 12 months of post-closing liquid reserves — 24+ at conservative buildings. See how the math works, what counts as liquid, and a worked example.
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.