Q: New York City Real Estate Law Question: Question in "More Information"
Is this correct?
If a building is not a coop/condo and a rent-controlled/stabilized apartment is vacated, the owner can charge a new tenant only (roughly) 20% more than the last renter paid.
BUT
If a building is t a coop/condo and a rent controlled/stabilized apartment is vacated, the owner can charge a new rental tenant only (roughly) 20% more than the last renter paid.
However, the owner can sell the apartment for any amount he can get.
Thus, the owner of a co-op/condo will never rent a vacated rental apartment, but will sell it.
A: Your post indicates that you do not properly understand how coops, condo, free-market rentals and rent-regulated rentals work.
Jonathan David Warner agrees with this answer
A: With all due respect, you should be asking an attorney about this during an in-person consultation. I'm not sure what you have riding on the answer, but it would seem that it could be worth paying an attorney for a written opinion letter.
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