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If the building is stabilized and the rent is 1,000/mo how does the landlord get the rent up to 3,000/mo in one jump ? How does the apartment not remain stabilized ? The legal maximum rent on vacancy will be set by the guidelines and not by the landlord unless he wants to subject himself to a rent rollback.
You might be overestimating the value of the dissolution of your tenancy to the landlord.
if the building is co-op and the origonal tenant moves out the apartment is no longer under any guidelines. not sure in this case the buildings status but im just mentioning the fact that just because an apartment was rent stabilized doesnt mean it stays stabilized..the reason the co-op craze struck decades ago was it was the landlords light at the end of the tunnel. once the origonal tenant who didnt buy moved the apartments were deregulated.
Last edited by mathjak107; 12-22-2010 at 04:19 AM..
if the building is co-op and the origonal tenant moves out the apartment is no longer under any guidelines. not sure in this case the buildings status but im just mentioning the fact that just because an apartment was rent stabilized doesnt mean it stays stabilized..the reason the co-op craze struck decades ago was it was the landlords light at the end of the tunnel. once the origonal tenant who didnt buy moved the apartments were deregulated.
I thought of this(sale) as a possibility but discounted it because the OP stated that the landlord wanted to double or triple the rent,not that he wants to sell the apartment for 1M.Big difference.
That would be a pretty important piece of information to forget or leave out if the OP is looking for advice because it could also affect a potential buy out figure.
YEP.... it sure would. personally we only buy out the leases and sell the co-ops. i would never pay to buy out a lease to just re-rent but thats me....
If the building is stabilized and the rent is 1,000/mo how does the landlord get the rent up to 3,000/mo in one jump ? How does the apartment not remain stabilized ? The legal maximum rent on vacancy will be set by the guidelines and not by the landlord unless he wants to subject himself to a rent rollback.
You might be overestimating the value of the dissolution of your tenancy to the landlord.
No where in this thread does the OP say what his rent is. Even if he was paying 2K a month now and no desire to move, without the income requirement he would still be protected by stabilization.
if the building is co-op and the origonal tenant moves out the apartment is no longer under any guidelines. not sure in this case the buildings status but im just mentioning the fact that just because an apartment was rent stabilized doesnt mean it stays stabilized..the reason the co-op craze struck decades ago was it was the landlords light at the end of the tunnel. once the origonal tenant who didnt buy moved the apartments were deregulated.
my building is like that. it is Co-op with stabilized and 1 control, once the move it automatically becomes co-op and is not under the laws of stabilization and control.
That is why a lot of Ll made the conversion, because even if all the apartments do not get bought, anyone that moves out will have to pay market rate.
slick
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