Grateful for any help here! We’ve been in a rent stabilized building for the past 2 years. This year, for the first time, the landlord included a 421-A rider, noting our apartment was deregulated this year. They did not raise the renewal price beyond the 3.25/5% increase.
We were planning to sign the full renewal lease and rider, take the 2 year option, and then later potentially report to the city that the 421A lease rider wasn’t included in the prior leases (to try and keep it rent stabilized).
Is there any downside to signing the 421-A rider now to get the low renewal price and then dealing with this in ~2 years?
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More details:
We did call DHCR and NYC Finance. DHCR told us to call Finance and see about the tax abatement. Then NYC Finance told us our address showed as rent stabilized, without a 421A exemption on file, and that they couldn’t tell us anymore than that. Weirdly said their tech platform changed and they can’t see if 421As expired anymore. Wasn’t very helpful :/.
Building was apparently constructed in 2000, so timing makes some sense. Rider says “Pursuant to real property tax law section 421-A the apartment shall remain subject to the rent stabilization law, as amended, only until the twenty year period of the tax exemption expires on approximately June [XX], 2022 …. Since your apartment therefore wil no longer be subject to the rent stabilization laws …. the landlord may charge a market rent for your apartment”.
Called the management company and they similarly said it’s no longer rent stabilized. Saving grace is that they 1) offered low renewal terms and 2) i think messed up by not including the rider in prior leases according to the fact sheet (https://www1.nyc.gov/assets/hpd/downloa ... -sheet.pdf)