A landlord in the Bronx owns a building constructed in 1965 with 8 rental units. The landlord claims the building is not subject to rent stabilization because it was substantially rehabilitated in 1995. What percentage of rehabilitation costs relative to the building's assessed value would be required to exempt the building from rent stabilization?
Correct Answer
D) Substantial rehabilitation cannot exempt buildings from rent stabilization under current law
Under the Housing Stability and Tenant Protection Act of 2019, substantial rehabilitation can no longer be used to exempt buildings from rent stabilization. Previously available exemptions based on rehabilitation costs were eliminated.
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Previous Question
A rent-stabilized tenant in Manhattan has lived in the same apartment for 15 years. The tenant's adult daughter wants to move in permanently. Under New York's succession rights laws, what requirements must be met for the daughter to have succession rights to the rent-stabilized apartment?
Next Question
A tenant receives a lease renewal offer for their rent-stabilized apartment in Brooklyn. The landlord offers both a one-year and two-year renewal option. Under New York law, what is the tenant's deadline to respond to the lease renewal offer?