Under New York City's rent stabilization laws, a landlord may legally remove an apartment from rent stabilization in all of the following situations EXCEPT:
Correct Answer
B) The landlord decides to sell the individual apartment unit to the highest bidder on the open market
A landlord cannot simply remove an apartment from rent stabilization by deciding to sell it on the open market. Rent-stabilized apartments remain subject to rent stabilization laws even when sold, unless they meet specific statutory deregulation criteria. The new owner takes the property subject to existing rent stabilization obligations.
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Previous Question
Maria is a real estate agent in Manhattan representing a tenant looking for a rental apartment. She finds a rent-stabilized unit where the current tenant is paying $1,800 per month. The landlord tells Maria the apartment will be available next month and asks what rent can be charged to a new tenant. What should Maria advise regarding rent-stabilized apartments in New York City?
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A real estate broker in New York City is asked to explain the difference between rent-controlled and rent-stabilized apartments. Which statement correctly describes rent-controlled apartments in NYC?