Under current New York rent stabilization law, a rent-stabilized apartment can be removed from regulation in all of the following circumstances EXCEPT:
Correct Answer
A) The apartment undergoes substantial rehabilitation costing more than the building's assessed value
Substantial rehabilitation can no longer remove apartments from rent stabilization under the Housing Stability and Tenant Protection Act of 2019. This exemption was eliminated regardless of rehabilitation costs.
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A building constructed in 1972 in Manhattan contains 15 rental units and has never received any tax benefits. What determines whether this building is subject to rent stabilization?
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A real estate agent is helping a client find a rental apartment in New York City. The client asks about the difference in lease terms between market-rate and rent-stabilized apartments. What is the standard initial lease term for rent-stabilized apartments?