What is luxury decontrol?
[from State Sen. Liz Krueger’s Report to New Yorkers on Housing] As of June 15, 1997 apartments renting for more than $2000 or more are deregulated when the occupants have an income of $175,000 or greater for the previous two years. In order to apply to DHCR for a decontrol/destabilization order, the owner must send the tenant an Income Certification Form, by May 1 of each year. If the tenant refuses to return the form, or if the owner disputes the information that the tenant submitted, the owner can file a Petition for Deregulation, and DHCR will then attempt to obtain the income information from the tenant. If the tenant either shows an income of over $175,000 or fails to return the form within 30 days, DHCR can issue a decontrol/destabilization order. Click here for a Real Rent Reform Fact Sheet on luxury decontrol and vacancy decontrol.
