From the crazy, mixed-up, rent-controlled world that is New York City:

Question I have heard that once the monthly rent in a stabilized apartment surpasses $2,000, it can be deregulated if the tenants’ income is high enough. Can you describe the terms under which this can occur? … Mitch Horowitz, Manhattan

Answer: Mary Ann Hallenborg, a Manhattan lawyer and the author of “New York Tenants’ Rights” (Nolo, 2002), said that under the “luxury decontrol” provision of the rent laws, once a tenant’s rent is $2,000 a month or more, the landlord may be entitled to remove the apartment from regulation.

For an apartment to be deregulated, total annual income for all tenants in the household must be $175,000 or more for each of the previous two years. ‘Annual income’ means your federal adjusted gross income as reported on your New York State income tax return, Ms. Hallenborg said. And ‘total annual income’ means the sum of annual incomes for all permanent occupants of the apartment.

Well, yes, that would be a good sign you don’t need rent stabilization any more – if your income is $175,000 a year!!!

Source: Deregulating a Stabilized Apartment – The New York Times

Back to Boston condos for sale homepage

Contact me to find out more about this property or to set up an appointment to see it.

Boston condos

Boston condos for sale

SEARCH FOR CONDOS FOR SALE AND RENTALS

For more information please contact one of our on-call agents at 617-595-3712.

Updated: January 2018

Comments

comments

Call Now