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Re: rent stabilized + owns property - Landlord Forum thread 322030

Re: rent stabilized + owns property by Anonymous on July 29, 2014 @16:58

                              
Until the market value of the rental is over $2000 and either vacant or the houshold income is over $175k, the tenant's income is not an issue. BUT the tenant has to use the stabilized apartment as their primary residence in order for the apartment to remain under rent stabilization. Sounds like you need to take your case to the rent stabilization board to determine whether the status can be released.

Wikipedia has a great explanation of how rent stabilization in NY works:

Qualification
The qualifications for rent stabilization have been changed over the years, reportedly to curb perceived abuses, which allowed the wealthy to enjoy rent increase protection that was intended to protect the working class.

From the passage of the Rent Regulation Reform Act of 1997 to the Rent Act of 2011, rent stabilization was restricted to apartments where the legal, or stabilized, rent was under $2,000 per month. The 2011 law raised that to $2,500. The unit could be deregulated once the rent went above $2,000 under the 1997 law, $2,500 under the 2011 Act, and is either vacant or the household adjusted gross income was over $175,000 under the 1997 act or is $200,000 under the 2011 law, for two consecutive years.[13] If the stabilized rent is under $2,500, the residents' income does not affect the rent stabilized status of the apartment. A tenant has to use the stabilized apartment as their primary residence in order for the apartment to remain under rent stabilization.

Tenants who live in buildings built between February 1, 1947 and January 1, 1974 or who move into a pre-1947 building or into certain post-1974 buildings that received tax breaks (such as the 80-20 housing program) qualify for rent stabilization if the other financial terms are met. As part of city managed programs, some buildings become temporarily rent stabilized in return for a temporary reduction in real estate taxes when those buildings have been converted to residential use from another use group (commercial or industrial). Two of those programs,[14] J-51 for renovating buildings and 421-a for new construction, grant temporary rent stabilization to tenants of apartments in those building, thus overriding other qualifications.[15][16][17]

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Re: rent stabilized + owns property by Katiekate (New York) on July 30, 2014 @08:43 [ Reply ]
^^ absolutely correct

Good advice.

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