nyc BLOG estate

nyc BLOG estate

Judge helps renters paying market rates.

In Manhattan renters are either rent controlled, rent stabalized or market rate. Rent controlled and rent stabilized tenants have rights and have protections. People who pay market rates do not. When buildings convert to condos or coops rent controlled and stabalized tenants can not be evicted. In fact rent stabilized tenants who live in coops and condos often have more rights than the owners who bought their apartments.

Market rate tenants have never had any protections. Landlords could raise their rent what ever they want and can decide not to renew leases and evict. I'm currently working with a couple with a new baby that are looking to buy an apartment because they are being evicted from their $3800 a month 1 Bedroom apartment the end of May.

22 market rate renters stayed in their apartments at The Sheffield on West 57th Street during construction and renovations to turn the rental building into a luxury condo. Most of the other tenants left.

A Manhattan housing court judge, David B. Cohen, dismissed eviction proceedings against all 22 renters and challenged the prevailing interpretation of state law. Judge Cohen ruled that the tenants have the right to keep their apartments and eventually to get new leases.

The decision could give new rights to many market-rate tenants who are being evicted at other buildings undergoing conversion.

In the 80's when many building converted they offered the renters insider prices. Developers today evict all market renters up until the conversion is declared effective by the Attorney General.

Frankly, I think when a rental building converts market rate renters should be given the opportunity to buy their apartments. Most likely tenants paying market rents can afford market prices.

the complete story is in the New York Times

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