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Old 05-18-2009, 01:26 PM
DAS
 
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Quote:
Originally Posted by lamontnow View Post
In this specific case, you're right that the tenant won't pass the apartment down for personal reasons (or maybe now it is illegal for RC apts. But it's still allowable for RS apts).

I cited this as a glaring example of the general situation, in which the rent regulation system allows tenants to in effect behave as though they, and not the owner, have the property rights.

This is apparent in the passing of an apartment from one generation to another, as people pass their estate to the next generation.
Also the "buyout", which is in reality a term for selling property rights to the true owner.

And you're right that the LL never has to pay off the tenant, but when the tenant is holding the property indefinitely at $140/month or some other ridiculously low rent perpetuated by the system, it becomes financially prudent for the owner to cough up the dough (as repugnant as that is).
I agree that once the original tenant leaves the children or grandchildren should be allowed to remain, but they should have to pay the new rent that would apply if the apt is vacated. The LL should also paint and make repairs the way they would have to if the apt was vacated.
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Old 05-18-2009, 01:55 PM
 
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Bluedog what does the term non-evict coop mean?
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Old 05-18-2009, 03:42 PM
 
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Originally Posted by SobroGuy View Post
Bluedog what does the term non-evict coop mean?
When a building is converted into a co-op from a rental, it can follow one of two paths: it can be an 'eviction' co-op, meaning that all rental tenants must be out by a given date, or it can be 'non-eviction' meaning that the tenants may stay on as renters and the apartment can't be sold until they're ready to move.
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Old 05-18-2009, 04:04 PM
 
Location: Beautiful Pelham Parkway,The Bronx
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It is as Vmd states.Most coop buildings in NY were done this way,which is why even after 20 or 30 years you can still have rent controlled or stabilized tenants living in coop buildings.They are essentially still tenants of the former landlord who became the "sponsor" of the coop conversion.They pay their rent to the landlord and the landlord then pays whatever maintenance to the coop.Since all of these apartments are very valuable it creates an incentive for the landlord/sponsor to pay the tenants off so that they can sell the apartments.These are what are known as "sponsor" apartments.
There are a few left in my building,which converted to a coop in 1987
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