Blaine Schwadel and Jeffrey Turkel of Rosenberg & Estis, P.C. Address Impact on Deregulation, Rent Increases After Vacancy
Blaine Z. Schwadel and Jeffrey Turkel, members of Rosenberg & Estis, P.C., recently provided presentations on changes to the Rent Act of 2015 before multiple organizations, including the Real Estate Board of New York, the Community Housing Improvement Program, and the Rent Stabilization Association in conjunction with the New York County Lawyers Association.
Rosenberg & Estis, P.C. is widely recognized as one of New York City’s pre-eminent real estate law firms. Schwadel and Turkel are acknowledged experts on rent regulation, and provided detailed analysis on the Rent Act, which became effective on June 15, 2015 and runs through June 15, 2019.
The discussions centered on amendments to the Rent Act, which increased the threshold for high rent vacancy, high income/high rent deregulation, added indexing to these deregulation thresholds, and modified the vacancy allowances permitted for apartments leased with a preferential rent.
Schwadel and Turkel also addressed changes in the language of the statute that have created confusion about whether an owner can include legally permitted increases to the legal rent subsequent to vacancy in order to bring the rent of the vacant apartment above the deregulation threshold, or whether the apartment had to be above the legal deregulation threshold prior to vacancy for the apartment to be deregulated.
About Rosenberg & Estis, P.C.
Founded in 1975, Rosenberg & Estis, P.C. is widely recognized as one of New York City’s pre-eminent real estate law firms. Rosenberg & Estis, P.C. represents clients in all aspects of real estate development, transactions, financing, litigation, rent regulation and governmental affairs.