Posted by TenantNet on July 14, 1996 at 15:11:17:
In Reply to: Rent stabilized coop? posted by Lynn on July 14, 1996 at 12:25:37:
: My lease says that because my building is a coop and I rent from the
"overtenant" all rent-stabilization laws do not apply. The building
has over 6 apts and was built in the 40's. Does anyone know why this
would be so?
The term "overtenant" is a misnomer and generally refers to a person or
entity that purchased the unit. When a building converts to a coop,
rent stab and rent control tenants in place retain their status, but
as soon as a vacancy occurs the units are decontrolled. So if you
moved in after conversion, you would not be rent stabilized.
If the coop went bankrupt then a recent court case might apply to
re-regulate the units (but don't quote us on that one since we're not
familiar with the details). You will probably find more info on this
subject on our web pages.
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