Posted by MikeW on April 22, 1999 at 15:04:31:
In Reply to: Is it or isn't it? posted by Jennifer on April 22, 1999 at 10:41:43:
Up until recently, you'd be screwed. Once a stabilized tenant moved out of a coop, the apartment automatically became deregulated, and the LL could charge whatever they wanted.
Things may be changing. There has recently been a court ruling that stated that if the owner of the apartment is the original coop sponsor, or a certain type of investor, the apartment may stay regulated. I don't know if this is being used as precedent, and I will certainly be appealed, but you may be in luck.
As always, talk to a good lawyer.
: We just moved into a building built in the 1940's, it is six stories with about 8 units on each floor. It is co-op now. The people who lived in our unit were the original tenants and were paying $450. We are paying $2000 (cringe.) Two questions: I know that the landlord can bring the apartment up to market value once rent controlled tenants move out but can they raise it as much as they did? And if not, what can we do as we already signed the lease?
: Secondly, does this mean our apartment is rent stabilized or are we completely unregulated?
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