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rent controlled apt in coop decont. and rented for marke

NYC Rent Regulation: Rent Control/Rent Stabilized, DHCR Practice/Procedures

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rent controlled apt in coop decont. and rented for marke

Postby bundy » Tue Apr 30, 2002 10:45 pm

there are big rent controlled apts in my building. when the tenant dies or is paid byt the sponser to mov e out, he does some really cheap removations and then rents the apartment for market - like what used to be an $800 apartment goes for about $5,000. Can he just do this. the renovations are so cheap i am sure they do not actually cost $2000. Thanks for all inputs and eads and info!
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Re: rent controlled apt in coop decont. and rented for marke

Postby consigliere » Wed May 01, 2002 8:16 am

Once a building is converted to a co-op or a condo, apartments that were formerly rent controlled or rent stabilized become deregulated once they become vacant.
 
The landlord doesn't have to make any improvements to a deregulated apartment to raise the rent.
 
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Re: rent controlled apt in coop decont. and rented for marke

Postby MikeW » Wed May 01, 2002 12:41 pm

Is the building a coop with unsold rental units or still a regulated rental. If it's the former, Consigliere's correct. If it's the latter, it isn't quite so easy.

If someone rents one of the decontrolled units, they could challenge the MCI that allowed the LL to raise the legal rent over $2,000, and get the apt off of regulation. That can be hard, since the LL probably knows this, and even if he didn't really spend the amount of money necessary, he probably does have the paperwork to show that he did. Also the new renter will have to know that they can do this, and be willing to put up with the expense and hassel of actually doing it.
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