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I was shown many apts. under $2,000 by a r.e. broker today in Hudson Heights. They ranged in price from $1,400 to $1,900. Nice-looking places; clean bldgs. Broker claimed all were deregulated. I have been reading the DHCR website and will call them and also contact Met Council on Housing . . . but in the meantime, does anyone think apts. at these rates having a deregulated status odd? Has anyone else been shown apts. in this neighb that were supposedly dereg. and felt suspicious?
I was shown many apts. under $2,000 by a r.e. broker today in Hudson Heights. They ranged in price from $1,400 to $1,900. Nice-looking places; clean bldgs. Broker claimed all were deregulated. I have been reading the DHCR website and will call them and also contact Met Council on Housing . . . but in the meantime, does anyone think apts. at these rates having a deregulated status odd? Has anyone else been shown apts. in this neighb that were supposedly dereg. and felt suspicious?
Just because the rent being offered for those apartments are below $2,000 doesn't mean that they are regulated. Once the LEGAL rent reaches $2,000 a month it AUTOMATICALLY becomes deregulated.
When an apartment is deregulated, a landlord can charge either BELOW $2,000 a month in rent or ABOVE $2,000 a month in rent depending on what the market can bear in his neighborhood. So there is absolutely nothing suspicious about what you are asking so I suggest you relax and be glad it's not a run down slum apartment.
How many apartments in the building? If there are less then 6 units they aren't stabilized. Apartments offered for rent in condos and coops are not stabilized.
Just because the rent being offered for those apartments are below $2,000 doesn't mean that they are regulated. Once the LEGAL rent reaches $2,000 a month it AUTOMATICALLY becomes deregulated.
When an apartment is deregulated, a landlord can charge either BELOW $2,000 a month in rent or ABOVE $2,000 a month in rent depending on what the market can bear in his neighborhood. So there is absolutely nothing suspicious about what you are asking so I suggest you relax and be glad it's not a run down slum apartment.
I believe this is the right answer to the question.
Often there is a disparity between the legal maximum rent and the actual rent because the market will not allow the maximum legal rent.I know lots of people whose leases state that the legal rent is over 2,000 but that the actual rent is substantially lower.In these situations,if the market rents increase dramatically for some reason a landlord could increase the rent at the end of the lease to whatever the market will bare.
To Ashely2011: my understanding of the law and DHCR info is that an apt. renting above $2,000 is not auto. deregulated, unless there have been J-51 renovations to bldg, etc.--it gets complicated. The apt. is dereg. if the tenant earns more than a certain amt--$175K, I think. I do know a bit (have just learned about) "preferential rent," which Bluedog2 refers to: if the market's weak, the landlord can temporarily lower rent (and then raise it back to legal level when market improves). Thanks, everyone, for you comments.
When I was looking, I saw a few sub-$2000 non-regulated apartments in some of the newer buildings on Bennett. Remember, newer buildings are exempt unless they were built with special government bonds/tax exemptions/etc.
Because Hudson Heights is not in high demand and thus has low market rents.
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