Posted by Sam on March 13, 2001 at 00:30:10:
In Reply to: Co-op without tenant owners? posted by Akela on March 12, 2001 at 10:06:25:
: I live in Manhattan in a pre-war building which is technically a co-op but without a single unit owned by a tenant. All units are sublet from a large management corporation. In addition, the lease requires that we get renters insurance and waive all rights to take legal action against the landlords. The building is a mess but its home. Now they're trying increase my rent by 18%. Is this situation legal or is it just a way of avoiding rent control?
If it is a co-op, this is how it became one: Many buildings were converted to co-ops in the 80's after they invented the Non-Eviction Conversion requiring only 15% of the units to be purchased by 'bona-fide' purchasers, i.e. current tenants or people who claimed they would live in the units. When the rent controlled and rent stabilized tenants move out, the sponsor can sell the unit or rent it without restrictions. Read more here: http://www.oag.state.ny.us/realestate/conversion.html
Use the search feature on this board for help on handling the proposed rent increase.
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