Posted by Mark Cannistraro on June 02, 2000 at 11:31:23:
For the last 9 years, I've lived in a one bedroom apartment in the West Village. The rent increases, while a bit more than it would have been if the apartment were regulated, were always managable until last year, when the rent jumped 20%.
This year, the management company wants another 20%!
My apartment is considered a "co-op," but there is no private owner. Apparently, my building USED to be apartments (my neighbor pays $300 a month) and at some point, the bulding went co-op. The company that owns the building bought the newly available co-ops FROM THEMSELVES and thus are able to avoid the rent stabilization laws.
My neighbor recently said that she had heard that this kind of thing might not stand up in court if challenged. Is this true? She mentioned there was a name for this sort of thing, but she wasn't sure what it was. Can anyone help? I love the apartment and don't want to move!
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