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High Income Deregulation

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High Income Deregulation

Postby Rollbacks » Wed Mar 31, 2010 2:40 pm

I'd be interested in finding people who are confronted with similar circumstance that I am facing. My rent stabilized lease renewal has raised my rent to over $2,000 per month about 2 years ago. This allows the landlord to seek high income decontrol. During those 2 years that are counted on the landlord's application, my income met the criteria and the DHCR now issued the order of decontrol. But as an artist, my income dropped dramatically with the downturn of the economy in 2009 to the present time. My attorney is filing a court action to assert that the current law fails to consider equity given that the landlord is able to deregulate an apartment for the periold when the economy was good and failing to take into consideration the current inablility to generate income to meet the cost of a deregulated apartment. If you are facing similar circumstances, please let me know. Thank you, Pauline
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Postby lappert » Sat Apr 03, 2010 12:43 am

This was in the NY Times today. Belkin is a landlord lawyer.

April 2, 2010, 11:00 am
When to Deregulate a Rent-Stabilized Unit

Q. I live in a rent-stabilized apartment in Manhattan. My landlord has applied to the state’s Division of Housing and Community Renewal to deregulate my apartment because my household adjusted gross income and my monthly rent exceeded mandated thresholds. But I was unemployed in 2009 and my household income dropped well below the threshold. Can the agency take this into consideration in determining whether to deregulate my apartment?

A. Sherwin Belkin, a lawyer in Manhattan who represents property owners, said that the Rent Stabilization Law requires the D.H.C.R. to issue an order of deregulation if, in each of the two calendar years before the petition, the household income exceeds $175,000 and the rent is more than $2,000. “If the state’s Department of Taxation and Finance verifies that the tenant’s federal adjusted gross income exceeded the threshold, the order of deregulation must be issued, notwithstanding the tenant’s subsequent unemployment,” Mr. Belkin said. He noted, however, that the deregulation order was not effective until the tenant’s current lease expires, and that at the end of the lease the landlord must offer the tenant a new lease at a rent the landlord could expect for the unregulated apartment on the open market.
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