I have been in a rent-stabilized 1 bedroom for 25 years,new landlord bought building last year and started asking RS tenants if they were interested in a buyout ,and several of us were ready to move out of the city but needed to cash to justify the move.All of us knew the looming changes in the RC/RS laws,one tenant was able to negotiate but I and another one made an offer we thought was... [more]
I have been in a rent-stabilized 1 bedroom for 25 years,new landlord bought building last year and started asking RS tenants if they were interested in a buyout ,and several of us were ready to move out of the city but needed to cash to justify the move.All of us knew the looming changes in the RC/RS laws,one tenant was able to negotiate but I and another one made an offer we thought was reasonable similar to the tenant who did get bought out (spoke to a friend who is building owner who has RS tenants and he said our offers were fair) and owners came back saying "they couldn't do it right now"...Now that the laws are passed assume there is no way to proceed other than if they decide to convert building to condos and need our vote to proceed (no evidence of this) and negotiate a insider price for unit in exchange for the vote which would be equal to the original offer to buy out RS lease...Developers have vowed to sue the state,(maybe have a point as the rules of the game were changed on them mid-game and maybe should be grandfathered) but that could take years to litigate...Any thoughts?
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Response by itesfai
over 6 years ago
Posts: 77
Member since: Nov 2012
the game has changed, get with an attorney right away. I don't think it makes sense for ll to buy you out since it wouldn't de reg the unit. nor can ll renovate to increase rent, I.A.I has been capped at 15k and only can use 1/168 increase. ROI isn't there for ll. hence why they might just warehouse units until policy changes.
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Response by George
over 6 years ago
Posts: 1327
Member since: Jul 2017
You missed the boat. Since the rent can't be raised (no vacancy bonus, no vacancy decontrol), I doubt you'll get anything. Only reason would be if they convert to condos or a single-family residence. Hopefully you've been able to save a million or two from living in a cheap apartment all these years.
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the game has changed, get with an attorney right away. I don't think it makes sense for ll to buy you out since it wouldn't de reg the unit. nor can ll renovate to increase rent, I.A.I has been capped at 15k and only can use 1/168 increase. ROI isn't there for ll. hence why they might just warehouse units until policy changes.
You missed the boat. Since the rent can't be raised (no vacancy bonus, no vacancy decontrol), I doubt you'll get anything. Only reason would be if they convert to condos or a single-family residence. Hopefully you've been able to save a million or two from living in a cheap apartment all these years.
https://www.nytimes.com/2019/07/15/realestate/can-i-still-get-a-payout-for-my-rent-regulated-apartment.html
I love how most comments roasted the person asking question. I thought Streeteasy commenters were the only ones who felt that way.