High Rent-High Income Deregulation
If a rent regulated tenant’s rent is Two Thousand Seven Hundred Thirty-Three Dollars and Seventy-Five Cents ($2,733.75) or more per month, and the tenant’s annual income is Two Hundred Thousand Dollars ($200,000.000) per annum, in each of the two (2) preceding calendar years, the landlord may deregulate the apartment. Note: There is a complicated procedure for the tenant to preserve her apartment. It is imperative that any tenant who receives an income certification form meets with an attorney, even if their income is nowhere near the statutory requirement for deregulation. The foregoing is due to the fact that if the tenant does not properly complete and return the form, they will lose their rent regulated rights. This form may be served yearly.
Should deregulation succeed, the landlord must offer the apartment to the tenant in occupancy at “a rent not in excess of the market rent” which means a “rent obtainable in an arms length transaction”. It is unclear as to the terms of the offer i.e., is a lease required, must the same terms as the previous lease be included, or the duration of time, etc.
If a rent regulated apartment is vacant and the rent is legally Two Thousand Seven Hundred Thirty-Three Dollars and Seventy-Five Cents ($2,733.75) per month the apartment may be subject to deregulation.
Issues of Rent Control and Rent Stabilization coverage tend to be very complicated and time consuming. Parties should speak with an attorney before proceeding. We offer complimentary-no obligation consultations and you are welcome to schedule your consultation by calling us at 212-921-1600.