In our last post, we spoke about a New York City real estate firm which is currently under scrutiny for its alleged strategy of evicting tenants or pressuring them to vacate their apartments in order to raise rents and increase profits. We have mentioned this kind of thing previously on our blog. The fact that this kind of activity is not uncommon in New York City is a good reason to be aware of one’s rights as a rent-stabilized tenant, particularly with respect to deregulation. Specifically, how do apartments become rent-stabilized and how can they become deregulated?
According to the New York City Rent Guidelines Board, there are several categories of circumstances where rent stabilization is recognized. These include buildings with at least six units built between February 1, 1947 and December 31, 1973 and buildings with at least three apartment units built or extensively renovated on or after January 1, 1974 and which are eligible for special tax benefits. Rent stabilization also applies to tenants who live in buildings construction prior to February 1, 1947 and who moved in after June 30, 1971.