Rent Stabilization NYC - How To Fight It?
Dear Group,
I'm currently running into some apparently good deals in NYC. They're good deals because they're being sold at 50% less than market value. The BIG issue here is that these properties fall under the city's rent stabilization laws. Thus, these apartments in midtown manhattan are only paying $400/month. Average rent around there is $2,500+.
I'm wondering if anyone knows of any good ways I could make this deal happen? One way that was recommended was paying the tenants to leave? Comments would be greatly appreciated.
Thanks,
Angel
You can apply to Division of Housing and Community Renewal for permission to raise stabilized rents to the level of market rents in the surrounding neighborhood.
Also keep in mind you may be entitled to the reserve fund built up over the years from rent payments by tenants.
You would be best served to attempt to work within the system.
If you get the tenants all riled up it could cost you.
[addsig]