Each day, it seems, we get a summary of the potential sale of ST/PCV. This one is pretty thorough:
Note this, however:
In November 2012, CWCapital and MetLife reached an agreement to
settle litigation by tenants alleging rent overcharges. There are 4,311
apartments whose rents are restricted under the settlement, reached
after the state Court of Appeals found that tax breaks received by the
former owners limited their rights to raise rents to the market rate,
said Alexander Schmidt of the law firm Wolf Haldenstein Adler Freeman & Herz LLP, which represented the tenants in court.
restrictions would expire starting in June of 2020, as each lease runs
out, and the landlord would then be entitled to a market rent, Schmidt
said. A renter who renews his lease that May for two years would remain
rent restricted until 2022, he said.
“Between June of 2020 and May of 2022, they’ll be rolling off unit by unit,” he said in a phone interview.
The above doesn't take into account the very real possibility of rent-stabilization renewal. All apartments in ST/PCV are currently rent-stabilized. There'd be a lot of howling if such a renewal didn't happen.
All comments to posts have to await approval. Please be aware that, depending on when I'm logged onto the internet, it may take me hours, even longer, to moderate comments, so if they don't turn up in a speedy fashion, they are still in the queue. Comments that cross a line I'm not comfortable with will not get approved. NOTE: Comments reflect the opinions of the person writing them and should not be assumed to reflect the opinion of the blog.