More Than 1,800 Apartments Will Become Rent-Stabilized, Officials Say

July 24, 2024 | John Mudd

(DNAINFO)  Sybile Penhirin | December 4, 2015 — More than 1,800 apartments will become rent-stabilized after their landlords opted for a tax benefit program that requires them to provide their tenants with rent-stabilized leases, officials announced on Thursday.

An investigation from Attorney General Eric Schneiderman found that at least 2,332 units across the city should have been rent-stabilized because their landlords have been receiving lucrative tax benefits under a New York Real Property Tax Law, known as the 421-a law.

Of those, 1,823 units are in the process of becoming rent-stabilized after 111 landlords agreed to resolve their violations, according to Schneiderman’s office.

Additionally, the attorney general reached settlements with 18 landlords, forcing them to pay fines and to bring 408 units into rent stabilization.

Source: More Than 1,800 Apartments Will Become Rent-Stabilized, Officials Say – Midtown – DNAinfo.com New York

Related Articles

Economic

NYC rents are rising 7 times faster than wages, report finds

Read More
Economic

US Affordable Housing Policy Works for Wall Street and Rich Developers, Not Renters

Read More
Economic

Child poverty worsens in NY while nation improves, state comptroller reports

Read More

Make NYC a better place –
sign up for our newsletter!