Posted by MikeW on January 09, 2002 at 18:09:56:
In Reply to: Lack of buyout leverage (tenant) when major/gut renovations occur posted by carlson on January 08, 2002 at 18:31:45:
I may be wrong, but I don't remember the situation being that the LL was looking to gut renovate the building. In that case, there are provisions in the rent regulations that allow the LL to force a lone or small number of holdout tenents to move to an equivalent apt at an equal or lower rent.
I thought the situation was in a stable,working rental building that still has apartments under regulation. Most regulated buildings now, especially larger ones, have a mixture of regulated and free-market tenants. In those buildings, my tactics would work well.
: This is in follow-up to Mike W's recent reply to "buyout timing?" (12/4/01).
: : Personally, I'd play it as follows: It tell him that I'd like
: : to buy a coop, but I don't have a downpayment. I need,
: : say, $50K. If you come up with it, I'll leave. If not, I'm
: : perfectly willing to stay in this apartment for the next 20
: : years.
: The "coop purchase" idea is a good plan and is often, in fact, authentic. But I don't believe it would work well in a situation where the landlord offering the buyout intends major renovations of the building. In that case, it seems to me the landlord has little reason to bargain.
: I have heard several stories about tenants who chose to stay rather than accept a buyout and eventually ended up leaving without any settlement because of the conditions they were subjected to while the renovation work was being done. It's a situation where harassment (intentional or unintentional) - in the form of making essential services 'temporarily unavailable' on an ongoing basis - has no clear remedy that I'm aware of (correct me if I'm wrong) given the poor level of 'warranty of habitability' enforcement in NYC.
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