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I think its an 'or' not an 'and'

Posted by MikeW on April 17, 2000 at 16:18:13:

In Reply to: Re: Rent Stabilization posted by brenda on April 17, 2000 at 12:48:31:

I think an apartment destabilizes if the legal regulated rent is over $2K OR the income of the tenant(s) is over $175K. The rational for high income deregulation was to keep people with high incomes from enjoying below market rents. Either way, I think any removal from regulation has to take place at a lease renewal.

I would drop tenant B from the lease, but not put tenant C on. If you drop someone, but you are still on, I don't think the LL can refuse to renew at the normal non vacancy rate. However, if you want to put someone on who is not an immediate family member, he can refuse. Either way, if you have a roomate that isn't on the lease, I don't think that roommate's income counts toward the limit.

: But what rent do you pay? If you're under $2,000 a month, you're in the clear even if you're a zillionaire.
: Also, I belive the income level to worry about is $200,000 or $250,000. You should check one of the various links in this site that have the right number.

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