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Re: 421a tax abatement: please post it

Posted by Phil on July 17, 1999 at 10:08:42:

In Reply to: Re: 421a tax abatement: please post it posted by Anna on July 16, 1999 at 11:30:32:

The End of Rent Regulation?
Questions & Answers for Troubled Tenants

by the NYC Rent Guidelines Board

How do the rent regulation laws work? What is the fuss in Albany?

The rent regulation laws are quite complicated. Some of the laws have
been passed by the city, some by the state. Rent stabilization is
subject to a "sunset" provision. That is, if the stabilization laws are
not renewed by the state legislature by June 15, rent stabilization
ceases to exist and landlords are no longer bound by rent caps or the
requirement to renew your lease IN THE VAST MAJORITY OF CASES. However,
some units MAY remain stabilized, including:

€Apartments constructed between 1947 and March 10, 1969 with tenants in
continuous occupancy since June 30, 1971;
€Apartments which are rent stabilized because of J-51 or 421a tax

€Apartments which are in housing developed by the City's Department of
Housing Preservation & Development;

€Apartments in co-op/condo buildings developed under non-eviction plans
where the original tenants are in residence;

€Rent stabilized Lofts.

If the rent stabilization rules simply expire there will certainly be
much litigation concerning which types of units remain or do not remain
under stabilization.

: : My apartment I just recently found out from a DHCR decision is subject to a
: : 421a tax abatement , and all the tenants get this. Get a $2 reduction in rents
: : for fixing basic things like a broken front door lock.If you think, this corruption is bad think of all our politicains selling out in 2003,(which will happen) when rent stabilization laws expire. However, I read a clause in one of the legislative memos that apartments that have 421a tax abatements may not be affected by any laws enacted in albany in 2003, and will still be rent stabilized. Is that true?

: *********************

: Can you post that clause here? and be very specific about where it comes from...

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