As reported in the New York Law Journal and the New York Times, Governor David Paterson last week introduced new legislation [PDF] that would raise the threshold at which a landlord may seek to deregulate an apartment–from a monthly rent of $2,000 to $3,000.
In addition, the bill would address apartment deregulation for buildings receiving J-51 tax benefits, which were excluded from deregulation by the 2009 Court of Appeals decision in Roberts v. Tishman Speyer Properties LP. The new law, if passed, would allow current J-51 benefit recipients to deregulate apartments after October 22, 2009, provided the apartments did not become regulated as a result of receiving the J-51 benefit. The bill would establish a formula for determining overcharges in apartments improperly deregulated prior to the Roberts decision. The law potentially affects many tens of thousands of units. Tenants, regulated and deregulated alike, should consult with counsel to determine their rights.
