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I am looking to buy a condo in NYC which has a rent controlled tenant living there. I would like to move in to the condo eventually. Does anyone know the laws behind rent control even if it is the owner who wants to move into the place?
The rent controlled tenant can stay there until they die and if there is a spouse,child or grandchild or maybe even a niece or nephew who is there or who moves in at least 2 years before the rent controlled tenant dies,that person can remain in occupancy and continue as the rent controlled tenant.
You could offer to buy the rent controlled tenant out of the lease but chances are this has already been tried without success.
It's possible this could be a good investment,especially if the rent from the tenant covers the monthly costs but don't plan your life around getting to move in yourself anytime soon.... or maybe ever.
The purchase of a NYC condo or Coop with a rent controlled tenant in residence should be approached and viewed as a long term investment .
I am looking to buy a condo in NYC which has a rent controlled tenant living there. I would like to move in to the condo eventually. Does anyone know the laws behind rent control even if it is the owner who wants to move into the place?
Maybe there is some wiggle room here, According to the 1997 Rent Regulation Reform Act the following:
Quote:
Succession The rights of an individual to succeed the tenant named on the lease would be limited by removing nieces, nephews, aunts and uncles from those authorized to succeed the prior tenant. The right of succession without a vacancy allowance shall be limited to one generation only.
Is the tenant an octogenarian or somebody younger. If the former only dynamite will get them out. If the latter, find out if they moved in after the 1997 Act and what relation to the former tenant are they. Keep your fingers crossed too and carry a checkbook with you.
Maybe there is some wiggle room here, According to the 1997 Rent Regulation Reform Act the following:
Is the tenant an octogenarian or somebody younger. If the former only dynamite will get them out. If the latter, find out if they moved in after the 1997 Act and what relation to the former tenant are they. Keep your fingers crossed too and carry a checkbook with you.
The big clue would be whether the apartment is in a building that is just or recently been converted. If it is in a building that has been a condo for a long time ,it is pretty safe to assume that the original sponsor and maybe subsequent owners have already analyzed the situation and attempted a buyout with no luck.
I am looking to buy a condo in NYC which has a rent controlled tenant living there. I would like to move in to the condo eventually. Does anyone know the laws behind rent control even if it is the owner who wants to move into the place?
i believe it only applys to owners of rent stablized buildings, not owning a condo or co-op in a rent stabilized building
Can my landlord evict me and use my stabilized apartment for his family, and how many apartments in the building can the landlord take?
One of the advantages of being a rent stabilized tenant is the right to renew your lease. This right holds with few exceptions, and eviction for owner occupancy by the landlord or a family member is one of the exceptions.
The rent regulation laws allow the landlord of a rent stabilized building to take over one or more apartments for family use. However, he/she must give you 90 to 150 days notice before your existing lease expires that it will not be renewed. In addition, he/she must be able to prove that the apartment will be for family use.
Note that if you are 62 or older or disabled you have additional protections. If you do wish to stay in the apartment, you could simply stay put and wait for the landlord to serve you with eviction papers. The landlord will then have to prove in court that he needs the apartment for family use. The court may or may not agree with his assessment.
Regarding the number of apartments an owner can take: The Rent Stabilization Law and Code is a little vague about the number of apartments that an owner may occupy: "...only one of the individual owners of any building, whether such ownership is by joint tenancy, tenancy in common, or tenancy by the entirety to recover possession of one or more dwelling units for personal use and occupancy." However, the DHCR informs us that an owner can take more than one unit for his or his relative's occupancy.
Last edited by mathjak107; 10-27-2010 at 05:45 PM..
The big clue would be whether the apartment is in a building that is just or recently been converted. If it is in a building that has been a condo for a long time ,it is pretty safe to assume that the original sponsor and maybe subsequent owners have already analyzed the situation and attempted a buyout with no luck.
Probably true. The only thing worth investigating is if the tenant is the last "generation" benefiting from the control (as of the 1997 law). No doubt the vacancy allotment would or could quadruple (or more) the legal rent. In that case it's worth exploring a buy out. Many are the formerly rent controlled unwashed who suddenly are to the manor born.
I think this paragragh fits you from this weblink:
[SIZE=1]Can my landlord evict me and use my stabilized apartment for his family, and how many apartments in the building can the landlord take?[/SIZE]
[SIZE=1]One of the advantages of being a rent stabilized tenant is the right to renew your lease. This right holds with few exceptions, and eviction for owner occupancy by the landlord or a family member is one of the exceptions.[/SIZE]
[SIZE=1]The rent regulation laws allow the landlord of a rent stabilized building to take over one or more apartments for family use. However, he/she must give you 90 to 150 days notice before your existing lease expires that it will not be renewed. In addition, he/she must be able to prove that the apartment will be for family use.[/SIZE]
[SIZE=1]Note that if you are 62 or older or disabled you have additional protections. If you do wish to stay in the apartment, you could simply stay put and wait for the landlord to serve you with eviction papers. The landlord will then have to prove in court that he needs the apartment for family use. The court may or may not agree with his assessment.[/SIZE]
[SIZE=1]Regarding the number of apartments an owner can take: The Rent Stabilization Law and Code is a little vague about the number of apartments that an owner may occupy: "...only one of the individual owners of any building, whether such ownership is by joint tenancy, tenancy in common, or tenancy by the entirety to recover possession of one or more dwelling units for personal use and occupancy." However, the DHCR informs us that an owner can take more than one unit for his or his relative's occupancy. [/SIZE]
[SIZE=1]Contact DHCR at (718) 739-6400 or (212) 961-8930 for additional information on this subject, and see the fact sheet on eviction for owner occupancy[/SIZE]
rent controlled tennants never move, and i wouldnt either. You will be headed for lots of legal headaches. i would look somewhere else and move on. life is to short to be fighting and crap...
I think this paragragh fits you from this weblink:
Can my landlord evict me and use my stabilized apartment for his family, and how many apartments in the building can the landlord take?
One of the advantages of being a rent stabilized tenant is the right to renew your lease. This right holds with few exceptions, and eviction for owner occupancy by the landlord or a family member is one of the exceptions.
The rent regulation laws allow the landlord of a rent stabilized building to take over one or more apartments for family use. However, he/she must give you 90 to 150 days notice before your existing lease expires that it will not be renewed. In addition, he/she must be able to prove that the apartment will be for family use.
Note that if you are 62 or older or disabled you have additional protections. If you do wish to stay in the apartment, you could simply stay put and wait for the landlord to serve you with eviction papers. The landlord will then have to prove in court that he needs the apartment for family use. The court may or may not agree with his assessment.
Regarding the number of apartments an owner can take: The Rent Stabilization Law and Code is a little vague about the number of apartments that an owner may occupy: "...only one of the individual owners of any building, whether such ownership is by joint tenancy, tenancy in common, or tenancy by the entirety to recover possession of one or more dwelling units for personal use and occupancy." However, the DHCR informs us that an owner can take more than one unit for his or his relative's occupancy. ]
Contact DHCR at (718) 739-6400 or (212) 961-8930 for additional information on this subject, and see the fact sheet on eviction for owner occupancy]
Unfortunately No, this does not involve Rent Controlled apartments, but this does:
OFFICIAL COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK TITLE 9. EXECUTIVE DEPARTMENT SUBTITLE S. DIVISION OF HOUSING AND COMMUNITY RENEWAL CHAPTER VII. EMERGENCY HOUSING RENT CONTROL SUBCHAPTER D. RENT AND EVICTION REGULATIONS -- NEW YORK CITY
NYC Rent Control Regulations (9 NYCRR parts 2200-2211) (http://www.metcouncil.net/factsheets/9NYCRR2200-2211.html#2204.5 - broken link)
Have I read it in it's entirety? Absolutely not!
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