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Re: tax abatements

Posted by wpomeroy on May 04, 2001 at 21:19:37:

In Reply to: tax abatements posted by chelsea on May 04, 2001 at 16:06:43:

Yes, our lease gives a J51 notice regarding the end of rent stabilization, stating that the tax abatements will end on a approximate date about one year hence. Should I still check with DHCR? Thanks.

: Well, yes, that's true in some cases, but if the building was subject to rent regulation before the tax abatement, it remains stabilized after it expires, so tenants should always check with DHCR. In this case, the tenant messaged off-list that the building was a former warehouse changed into lofts, so it sounds as if it might legally become exempt (unless there's some wrinkle in the loft laws, which I'm not that familiar with).

: Even so, the tenant needs to see if there's a clause in the lease stating that the abatement will end on a certain date and that the apartment will become exempt. If there is no such clause, rent stabilization remains in effect for the current tenant.

: : Many of the newer stabilized building are so because the developer traded twenty years of stabilization for the same period of property tax abatements. When that period runs out, the building goes back to free market. There are rules about how that transition is made. I'm sure there somewhere in this site. It would probably be worth digging around.

: : : If there's no stabilization, the sky's the limit. But first, why does it say rent stabilization is ending?

: :
: : : : We just received a notice that in one year our apartment will no longer be subject to Rent Stabilization. How much can the LL raise the rent when we renew our lease after the expiration of Rent Stabilization?

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