New rent law confuses even lawyers

Close reading could indicate that it provides more tenant protections than initially thought

TRD New York /
Jul.July 17, 2015 08:30 AM

The state’s new 73-page rent law could cause more confusion than lawyers had foreseen.

The new legislation, which lawmakers agreed on late last month, did not end vacancy decontrol. Instead, the threshold to flip affordable units to market rent was upped from $2,500 to $2,700.

A close reading of the law, however, seems to indicate that it might actually increase tenant protections and make removing apartments from rent regulation harder than before, according to the Wall Street Journal. One interpretation of the new legislation seems to conclude that apartments can only be deregulated if the prior tenant’s rent reached $2,700, lawyers told the newspaper.

Belkin Burden Wenig & Goldman partner Matthew Brett, who represents landlords, said that the tenants’ close reading of the fine print was “sort of a reach.”

“The statute as a whole doesn’t change anything,” Brett told the newspaper. [WSJ]Claire Moses


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Equity Group president Sam Zell (Credit: Getty Images, iStock, Equity Apartments)

Equity Residential decries rent control’s “chilling effect” on development

Gimme squatter: When iBuying homes draw unwanted attention

WeWork to focus on profitability, I.M. Pei’s townhouse listed for $8M: Daily Digest

Blackstone Chief Financial Officer Michael Chae (Credit: iStock; Blackstone)

Blackstone reports boost in Q3 net income; eyes more industrial buys

Crowdfunding: Crowded out?

arrow_forward_ios