Post-vacancy rent increase raised rent beyond $2,000 threshold and resulted in decontrolling a rent-stabilized apartment. In November 2003, Craig Smith and Elise Stone rented an apartment at 233 East 5th Street in Manhattan. Prior to their occupancy, the previous tenant resided in the unit as a rent-stabilized tenant. The previous tenant’s rent at the end of his occupancy was $1,836.20 per month. On renting the apartment Smith and Stone accepted a 20-percent vacancy increase. … <Read More>
Search Results for: Luxury Decontrol
Rent Stabilization: Preserving Low and Middle-Income Housing
Rent regulation is not a new issue for New York City. But the headlines in June 2015 were far larger and the reactions more contentious than at any time in recent memory. For the first time in its 46-year history, the Rent Guidelines Board decided that there would be no increase in rents for one-year renewals on rent-stabilized apartments; it also limited increases on two year renewals to two-percent. Not surprisingly, tenants hailed the decision … <Read More>