Can I Still Get a Payout for My Rent-Regulated Apartment? [The New York Times]
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Source: The New York Times
Can I Still Get a Payout for My Rent-Regulated Apartment? - The New York Times Q: I live in a rent-stabilized building in Carroll Gardens, Brooklyn, across from Carroll Park and half a block from the subway. It recently changed ownership, and remains stabilized. Presumably, if the units were market rate, the landlord could fetch a much higher rent than the ridiculously low rent I pay. Is it possible that long-term tenants like myself could get buyouts for our apartments? A: But last month, the State Legislature made sweeping changes “By and large, the era of buyouts being commonplace is over,” said Bradley S. Silverbush, a lawyer who represents landlords and a member of the Manhattan law firm Rosenberg & Estis. Since the mid-1990s, the last time the rules were overhauled, landlords have been pressuring rent-regulated tenants to move out, leading to the loss of more than 155,000 regulated units. One of their tools was the buyout, a cash payment that became city lore, with stories of r
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