Skip Navigation
StreetEasy

Future Rent Stabilization?

Started by UE98
almost 12 years ago
Posts: 100
Member since: Jan 2013
Discussion about
Hello everyone, Is there a way to tell or figure out if a new construction will fall under rent stabilization rules? Looking to purchase a new condo in one of the outer boroughs (in a small building, looking at ones with 8-12 units), and am wondering, should I eventually own to rent, if the unit will be subject to RS. Anyway to tell before the new construction is finished or before I purchase? Thank you for any help! :)
Response by rb345
almost 12 years ago
Posts: 1273
Member since: Jun 2009

UE98:

wont be

Ignored comment. Unhide
Response by kcarscaden
almost 12 years ago
Posts: 38
Member since: Jul 2012

you will not

Ignored comment. Unhide
Response by rb345
almost 12 years ago
Posts: 1273
Member since: Jun 2009

UE98:

Condos are exempt from the Rent Stabilization Code except when they
are occupied by carry-over stabilized tenants who lived in the condo on
the date it was converted from a rental building

Ignored comment. Unhide
Response by UE98
almost 12 years ago
Posts: 100
Member since: Jan 2013

Got it, thank you for the responses. so just for my own knowledge, this doesn't apply, right?

"For an apartment to be stabilized it must:...

Have had a rent of less than $2,500, if one initially moved into the apartment since June 24, 2011."
http://www.nycrgb.org/html/resources/zip.html

The fact that its a new condo trumps this, I guess?

Ignored comment. Unhide

Add Your Comment

Most popular

  1. Losses on Manhattan condos
    52 Comments
  2. USB says NYC is one of least bubbly RE markets
    17 Comments
  3. Leveling floors
    20 Comments
  4. What is the deal with Brooklyn
    24 Comments
  5. Dentist and gold crowns
    23 Comments