Posted by Chelsea on January 15, 2001 at 18:04:18:
In Reply to: Re: 55% rent increase posted by TenantNet on January 14, 2001 at 22:22:44:
: A little bird told us that this is a J-51 situation, so what do people know about that? Also -- to the second responder -- can you pick a handle for use on the board, please?
It is very important for the tenant to find out whether the building was rent-regulated BEFORE the J-51 tax exemption. The J-51 program, designed to encourage expansion of low- and moderate-income housing, offers tax exemptions to landlords who renovate deteriorated housing or convert buildings from other uses. During the term of the tax exemption, often 20 years, the building remains rent-stabilized. If the building was NOT regulated before, it becomes free-market (if the notification requirements referred to by "-" in the previous message are followed). If it WAS regulated before, it remains so. Many landlords seem to be trying to pull a fast one by trying to improperly deregulate buildings that were regulated before they took advantage of the exemption (the cost of which comes out of all tax-payers' pockets, I might add).
So based on what the little bird said, the tenant should not be a chicken but should raise a squawk to protect that relatively cheep nest.
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