GETTING TO $2,000.00: HOW TO REACH DEREGULATION OF RENT STABILIZED (OR ETPA) APARTMENTS IN COMPLIANCE WITH DHCR

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New York enacted laws regulating rent to deal with rent increases that were believed to be “speculative, unwarranted and abnormal.” These laws are the Rent Stabilization Code in New York City and the Emergency Tenant Protection Act (ETPA) and regulations (ETPR) in Westchester, Nassau and Rockland counties.

Rent regulation laws provide tenants with greater rights than those residing in unregulated or deregulated apartments. In addition to the limitations on rent increases, rent regulation laws entitle tenants to receive required services, to have their leases renewed, and to face eviction only upon specific grounds.

The “$2,000.00 threshold” concept (discussed throughout this newsletter) refers to the fact that once the legally regulated rent that an owner can charge in a rent regulated apartment reaches $2,000.00 or more per month, such apartment qualifies for permanent destabilization, and therefore, for removal from all rent regulation. This will benefit owners because they will have the option not to renew leases and will not have restrictions as to the amount of rent that they can charge.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© James G. Dibbini & Associates, P.C. | Attorney Advertising

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