How stabilized apartments become market-rate

As the city’s rent-stabilized policy gets more scrutiny, following the news of Rep. Charles Rangel’s four stabilized apartments in Harlem, attention has also focused on how these apartments become market-rate. Landlords can end the rent stabilization of an apartment if the rent exceeds $2,000 per month and the tenant has had an income of $175,000 for two years in a row. Also, if a landlord can prove the stabilized apartment is not a primary residence and the tenant lives somewhere else, the landlord has the option of changing it to market-rate.

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