Jennifer is a tenant in a rent-stabilized apartment in Manhattan. Her landlord has offered her $50,000 to voluntarily vacate the apartment so it can be renovated and rented at market rate. Jennifer asks her attorney about the legal implications. Under New York law, what is the most significant legal protection Jennifer has regarding this buyout offer?
Correct Answer
A) Jennifer has the right to rescind the agreement within 45 days after signing, and the apartment must remain rent-stabilized for the next tenant if she stays
Under New York law, tenants in rent-regulated apartments have a 45-day right to rescind buyout agreements. Additionally, if Jennifer remains in the apartment, it stays rent-stabilized. Even if she accepts the buyout, recent law changes may require the apartment to remain rent-stabilized for the next tenant, limiting the landlord's ability to achieve market-rate rent.
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