The rent on my new apartment is over $2,000 – can it be stabilized?
The building may in fact be rent stabilized, even though the rent exceeds $2,000. In newly constructed or completely rebuilt buildings, many developers take advantage of the City’s 421a and J-51 tax exemption programs. In return for the tax exemption, the developer/owner of the building must maintain the units under rent stabilization for the period of the tax exemption, which usually runs 10 to 20 years. More information is available in the 421a/J-51 FAQ section. In the case of new construction, the fact that the rent is over $2,000 does not affect the apartment’s stabilization status. An apartment may also remain rent stabilized even if the rent rises above $2,000 while a tenant remains in occupancy. However, when that occurs, the owner has a right to petition the NY State Division of Housing and Community Renewal to deregulate the apartment. More information on this can be found in the Decontrol/Destabilization FAQ section. Ask the owner if the building is rent stabilized. If you ca
