Rent Stabilized Apt Lease Renewal 2023

[BugsyPal]

Originally Posted by randomperson2

There's no more luxury destabilization.

Yes and no.

For pure straight up RS units basically yes.

OTOH RS units that are only so because of tax abatements or whatever at some point when same expire apartments will sooner or later become market rate.

All those new "affordable" or "low income" RS units in luxury developments unless covered by special treatment in 30 to 35 years will revert to market rate. Some will happen with first lease renewal after event, others not until a vacancy in tenancy occurs.

As usual when social progressive liberal democrats in Albany think they're doing a world of good, 2019 rent laws assist those who least need such protections.

Good number of well off tenants not only are now free to keep their below market rate RS units, but many are using them as pied-a-terre apartments. Previously LLs would have gone after such tenants who were not using RS units as primary residences, but now they just don't give an eff. Long as tenant pays rent on time that's all that matters.

[mathjak107]

this is why i wouldn’t touch anything but stabilized co-op apartments ….once the original tenant is out you are good to go , no more stabilization.

the new laws really messed up owners who tried to get the apartments destabilized via capital improvements getting them over the limits

[HR201416]

Thanks so much everyone!

[mathjak107]

Originally Posted by mathjak107

this is why i wouldn’t touch anything but stabilized co-op apartments ….once the original tenant is out you are good to go , no more stabilization.

the new laws really messed up owners who tried to get the apartments destabilized via capital improvements getting them over the limits

i bet so many owners and developers now wish they took their buildings co-op ..now it’s likely to hard with so many insiders needed to do a conversion….

the past was easy with just i think 15% needed. compared to 51% today .

most renters are renters because they don’t have the money or income to buy .

most nice buildings like ours have mostly short term renters who are buying businesses or practices and just holding off buying a house until they get rolling ..so i don’t see our building ever being able to convert unless it was extremely attractive to insiders

[dfc99]

Originally Posted by mathjak107

i bet so many owners and developers now wish they took their buildings co-op ..now it’s likely to hard with so many insiders needed to do a conversion….

the past was easy with just i think 15% needed. compared to 51% today .

most renters are renters because they don’t have the money or income to buy .

most nice buildings like ours have mostly short term renters who are buying businesses or practices and just holding off buying a house until they get rolling ..so i don’t see our building ever being able to convert unless it was extremely attractive to insiders

Co-op conversions were good for tenants who bought in, good for the neighborhoods because owners care more than renters, and good for NYC because owners contribute to the stability of our neighborhoods. So of course the NYC progressives made co-op conversions nearly impossible. Apartment buildings filled with surly uncaring transients and voucher renters are a progressives dream. In many cases these kinds of tenants destabilize the surrounding middle-class neighborhoods which is also the progressives dream. Is the 15% rule being challenged in court?

[mathjak107]

Originally Posted by dfc99

Co-op conversions were good for tenants who bought in, good for the neighborhoods because owners care more than renters, and good for NYC because owners contribute to the stability of our neighborhoods. So of course the NYC progressives made co-op conversions nearly impossible. Apartment buildings filled with surly uncaring transients and voucher renters are a progressives dream. In many cases these kinds of tenants destabilize the surrounding middle-class neighborhoods which is also the progressives dream. Is the 15% rule being challenged in court?

not sure whats being challenged anymore . i own no more real estate