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TenantNet Forum Archives 1996-2002
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Re: Limited Rent Stabilization

Posted by TenantNet on July 11, 1996 at 11:21:39:

In Reply to: Limited Rent Stabilization posted by Mike on July 10, 1996 at 13:04:40:

: I have an apartment in a large building, and on the lease there was a
rider that stated the building is rent stabilized until the year 2000,
at which point the apartments would be fair market value. How is this

All buildings built prior to 1974 with 6 or more units are automatically
covered by stabilization. If the building was built (or substantially
rehabbed) after 1974, it is not automatic but many owners voluntarily
opt innnto stabilization in exchannge for substantial tax abatements,
usually under the J-51 or 421-a tax programs. In such instances the
stabilization status is for a defined period of time. These can get complicated
and the owner is required to notify you on each and every lease. If he
does not, then he may forego the "lifting" of stabilization status when the
time comes and you would then be stabilized for the duration of your tenancy.

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