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Re: J51 Procedure

Posted by Jerry on December 23, 1998 at 03:55:23:

In Reply to: J51 Procedure posted by Marco on December 22, 1998 at 13:34:01:

When j51 expires (10 years after tax abatement starts) the rent stabilization status of all apartments in the subject apartment are extinguished. However, ALL such apartments remain subject to rent stabilization so long as the tenant in possession remains in possession. In other words, at the time the J51 expires, as long as the tenant in possesion does not move, the apartment will remain subject to rent stabilization unless and until the tenant in possession moves, at which time the subject apartment will automatically become a free market apartment. Therefore, all the while it remains subject to rent stabilization (after the J51 expires but while the tenant in possession remains in possession) the landlord can only raise the apartment's rent using the usual rent stabilization guidelines -- as if there had never been any J51 in the picture. Is this clear??

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