Did You Know 50,000 NYC Apartments Will Become Rent Regulated Once Again?

Oh, hello there vindication! Hello there, justice! Hello there, shady, sneak-thief landlords and brokers alike! 

Yes, there is good news for all those who dare rent an apartment in New York City. Now, we've come at you with an elementary rundown on regulated rents, deregulated rents, stabilized rents, and rent controlled apartments. 

More than informing, though, we're all about lookin' out for our neighbors. Whether it's gentrification and the rippling consequences thereafter, or shady legislation quietly boning you in the night, we're all about transparency, accountability, and helping you out. 

Unlike shady characters of dubious intentions like, say, your landlord. 

For the sake of review, remember that only in buildings that have a high vacancy rate or operating costs that lead to an increased rent rising above $2,700/month can NYC landlords apply to have those apartment buildings deregulated when the lease expires. 

What does that mean? It means your rent is determined by market value, and the landlord can increase your rent by any amount, at any time, without notice. 

However-- and this is a big, big however --landlords who received special tax benefits from the State for affordable housing (J-51 tax benefits, because, terminology) renovations cannot do so. Unfortunately, but not surprisingly, 4,000 buildings broke the State-mandated rules on that one. 


So, if an apartment is on the verge of getting deregulated, but the landlord received money for affordable housing renovations, tenants were illegally priced out of their homes with, again, little or no notice. Also, again, illegally. 

As DNAInfo reported, Delsenia Glover, of the Alliance for Tenant Power, said this affordable housing initiative is, as with most things in life, good in theory, but "there's certain things screaming out at me."

"It's going to be another burden on the tenant, as it's always been, to make sure (the state is) enforcing the rules," Glover told DNAInfo. Well, as the burden has fallen on the tenant, now 50,000 apartments should be re-stabilized, or else...

As for the consequences, well, Governor Cuomo, still working on riding the subway when there isn't a camera on him, is having letters sent out demanding that the offenders stabilize rents or else pay the piper an upbeat ditty to the tune of three times the amount they overcharged their tenants. 

mindyrosier "Homelessness is not the problem, affordable housing is." #CitizenAction #StandUpForTheHomeless #AffordableHousingNYC #CityHallSteps #pressconference

Of the lawbreakers, Cuomo said in a statement, "There will be zero tolerance for those who disregard the law and reap these benefits while denying tenants affordable housing they are obligated to provide."

Thanks for lookin' out, Cuomo. Sort of. It's important to note that last month 1,800 buildings were returned to rent regulation after landlords, as is their natural inclination to do so, illegally received tax breaks and subsequently de-stabilized their tenants' rents. 

At the end of the day, we need for landlords to be... better people. 


While that's a very, very fragile hope that we hold carefully to our hearts, we know that if we get priced out of our apartments, finding a new one is a lot easier when bypassing the bloodthirsty middle man with a brokerage fee and using Oliver

Check out NYC's Homeless Are Extremely Skeptical of de Blasio's Help This Winter

[via DNAInfo] 

[Feature Image Courtesy The Real Deal]