If you're a New York City tenant in a rent-stabilized apartment, you could of course be one of the lucky renters who has a property ownership team that is clearly on the ball when it comes to performance regarding landlord-related duties.
As a New York City renter, how would you feel after duly contemplating the following scenario?
Over 38,000 market-rate rental units are estimated to be built in New York City by 2019. This estimate, calculated by an online real estate company called Ten-X, also claims that the majority of the newly developed apartments will be located in Queens and Brooklyn.
In the frenzied rush to rent an apartment in NYC, tenants often rely solely on the representations of brokers, managing agents, and landlords about the type of building they are about to rent. Many of today's tenants assume they are "deregulated" tenants, or tenants not subject to rent control or rent stabilization, and landlords do nothing to disabuse a tenant of the assumption, perhaps relying on a murky history that the tenant's apartment was deregulated because it was used for professional reasons or rented by an owner in the past. Don't assume your apartment is deregulated without checking because there are significant benefits to being a rent regulated tenant, including reasonable rent increases and generally, life-time tenure in the apartment.