Q: We rent a market rate unit in a building in Manhattan with 421-A services that take place in July 2026. This made it possible for us to enjoy the advantages of rental stabilization for a limited time. Our rental agreement will take place in March 2026, and our unit will no longer be under rental stabilization from July 2026. Will we be another rental lease this March? Will it be a year or two? If the 421-A services have expired, you will simply not renew our rental contracts or change the rent to what you want?
A: New York's 421-A program is intended to encourage developers to build apartments in exchange for part tax services over a certain period of time. If a rental building receives this advantage, its units can be subject to rental stabilization and the associated rights.
If your device will be rental next March if you sign your new rental agreement, you and not your landlord can decide whether you should extend a year or two.
The building owner must contain information on the tax benefits of 421-A in a rental contract rider. As soon as the advantages have expired, your tenancy protection will end when your lease ends as long as the drivers have been included in every rental package. At that time, their rent would increase.
The first thing you should do is to look back on every rental agreement that you have received for this apartment. If there is no driver who informs you about the tax benefits and the expected date of the upcoming deregulation, which is printed in 12-point font, R. Marchese, partner at Burghergray in New York.
As soon as your unit is no longer under rental stabilization, the eviction law of the state of New York could protect against eviction or from a landlord who rejects to extend your rental agreement without a good reason. The law protects market policies, although it has exceptions.
“And of course the tenant must not conduct behavior, which would be” a good reason “for evacuation, e.g.
The law also protects against evacuation for the non -payment of the rent in the event of inappropriate rent increases. Rent increases are considered inappropriate if they exceed the inflation rate plus 5 percent. But here too there are exceptions, e.g. B. if the landlord has worked on the building. State Housing Agency releases the appropriate rent increase until August 1 each year.
For weekly E -Mail updates for real estate messages in residential buildings, register here.