NEW YORK CITY

New York City's overdue property taxes are at their highest level ever — $880 million — with single-family and condo owners making up a third of delinquencies.

Mayor Eric Adams wants to life restrictions on building density and add affordable units.

A board of a co-op or condo must first document the situation, seek emergency orders from the courts, and appoint a guardian to help facilitate a hoarding situation.

A recent state court ruling has created a path toward major changes to New York City's property tax system, which could have mixed consequences for co-op and condo owners.

When shares change hands, whether due to familial changes, relationship shifts, or other circumstances, a series of legal steps must be followed. 

Boards are exploring ways to reduce liability and safeguard their communities, including shifting liability from the board to unit owners, requiring unit owners to carry insurance, and conducting proactive maintenance and safety checks.

Even if inflation continues to cool, shortage of apartments for sale will take years to correct.

Lower broker commissions will mean lower closing costs for co-ops and condos. 

Bill would give co-ops and condos tax breaks for reducing building carbon emissions.

Critics say mediation is a get-out-of-jail-free card for buildings that fail to meet carbon caps.