NY landlords will soon be required to disclose information about flood risks

The rising sea levels put cities like New York, Miami, and Boston at risk of flooding. The New York City Panel on Climate Change states that sea levels will rise between 8 to 30 inches by 2050 and as much as 15 to 75 inches by the end of the century. Tribeca, Battery Park City, Red Hook, Brighton Beach, and other neighborhoods along New York's waterfronts face a higher risk of flooding. 

Last year, New York State passed a piece of legislation requiring landlords to inform tenants of a property’s flood history and risks. The bill was signed by Governor Kathy Hochul last December. It would take effect starting June 21. This requirement would likely have the most impact in New York City, where about two-thirds of households are renters. 

Under this law, residential leases would have to include information about flood risks, flood history, and flood insurance that tenants could purchase. In addition, NY landlords would also need to disclose information about whether a property is in a floodplain. New York joined other states, such as New Jersey, California, Georgia, Oklahoma, Indiana, and Texas, that already have similar flood disclosure requirements. 

“As flooding becomes more frequent and intense due to climate change we must make sure New Yorkers have the information they need so that they can protect their property and their families,” said Assemblymember Robert Carroll, who sponsored the bill. “New York State has lagged behind other states when it comes to flood risk foreclosure for tenants and this legislation is an important step forward.”

New lease agreements must indicate whether a rental property is located in a 100-year or a 500-year flood zone, which means it either has a 1 percent or 0.2 percent chance of flooding in any given year. These calculations come from FEMA’s flood insurance rate maps, which indicate potential flood-risk areas. Currently, FEMA maps, which last been updated in 2007, only show risks of coastal flooding. The new FEMA maps could come out in 2027. 

Resources:

“Landlords Will Soon Have to Inform Tenants About Flood Risks,” by Samantha Maldonado (The City, 2023)

“Flood risk disclosure coming for New York landlords,” by TRD Staff (The Real Deal, 2023)

“State bill would require flood risk disclosure for rentals, but not sales,” by Ari Ephraim Feldman (Spectrum News NY1, 2022)