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No. I read the contract many times. It looks like a rent-stabilized contract with preferential rent for the current tenant.
Thanks. So technically they could remove the preferential rate at some point down the road? Does anyone know if they are required to renew at the allowable stabilized rate for the life on the tenancy? I remember some talk about 20 or 30 years but don't know how it applies.
Thanks. So technically they could remove the preferential rate at some point down the road? Does anyone know if they are required to renew at the allowable stabilized rate for the life on the tenancy? I remember some talk about 20 or 30 years but don't know how it applies.
Not under the current law or according to this clause in my lease:
PREFERENTIAL RENT:
A preferential rent is a rent which an owner agrees to charge that is lower than the legal regulated rent that the owner could lawfully collect. The legal regulated rent is required to be written into the vacancy lease and all subsequent renewal leases in order to be preserved. The HSTPA effective June 14, 2019 while continuing to allow for both preferential and legal rents to be raised at the time of a lease renewal additionally requires that any preferential rent already being collected must continue to be offered at the time of a lease renewal. The rent increase to be collected at a lease renewal on the preferential rent must be set by applying the applicable guideline increase to the preferential rent. The legal rent cannot be collected until a vacancy occurs and can be offered to the next new vacancy lease tenant, provided that both the legal rent and the preferential rent are listed in the initial lease offering the preferential rent and every subsequent lease offering the preferential rent until the vacancy. Exceptions to these requirements may apply to preferential rents established by regulatory agreements.
edit to add: for all intents and purposes, I don't *really* have a preferential rent in the traditional sense (i.e., a much higher legal rent with landlord offering a much lower discounted preferential rent). I signed a 1-year lease, which because it started before October 1, gives me 6 months at last year's rate: "Pursuant to Rent Guidelines Board Order No. 53 which applies to leases commencing between October 1, 2021 and September 30, 2022. The one (1) year guideline increase of 1.50% cannot be applied until the final six (6) months of the lease. There is no guideline increase in the first six (6) months." The "legal rent" listed in my lease is the rent I will be paying for the 2nd half of my first year, and the "preferential rent" is what I am paying the first six months.
Last edited by dstardanc2007; 10-13-2022 at 08:51 AM..
The document in this link covers a class of residents known as Roberts tenants, and has nothing to do with lottery tenants.
As the document says,
I’m a lottery tenant. Am I affected?
If you live in an apartment obtained through the affordable housing lottery, this does not apply to you.
Anything to do with rent in Stuy Town and Peter Cooper Village is very complicated. Whole books have been written about the various battles and litigation over the years, up to the present. Regarding your rent going forward, it is very important to get official confirmation on how long rent stabilization will last for you, since you are probably basing your decision on that factor, at least in part.
I recommend calling the Tenants Association and/or reaching out to Keith Powers' office. He's our local city councilperson. For an issue I had recently related to parking, his chief of staff, Ben Jacobs, was very helpful and effective:
I read somewhere that we are covered for 20 years for sure but not sure if it extends past that time period. I'll probably retire and relocate to a lower cost of living area at that time anyway so not too concerned.
The document in this link covers a class of residents known as Roberts tenants, and has nothing to do with lottery tenants.
As the document says,
I’m a lottery tenant. Am I affected?
If you live in an apartment obtained through the affordable housing lottery, this does not apply to you.
Anything to do with rent in Stuy Town and Peter Cooper Village is very complicated. Whole books have been written about the various battles and litigation over the years, up to the present. Regarding your rent going forward, it is very important to get official confirmation on how long rent stabilization will last for you, since you are probably basing your decision on that factor, at least in part.
I recommend calling the Tenants Association and/or reaching out to Keith Powers' office. He's our local city councilperson. For an issue I had recently related to parking, his chief of staff, Ben Jacobs, was very helpful and effective:
Also, if anyone finds out a definitive answer, please post it!
I did some more digging, and the FAQ I posted is still relevant because both the Roberts settlement and the 2015 regulatory agreement governing the lottery units are the subject of the pending TA action the FAQ covers. According to the TA website, the case was argued in June and is awaiting decision by the judge. The pending decision should clarify for lottery winners whether prior agreements/settlements (including our 2015 regulatory agreement) grandfather the 2019 rent stabilization law or not. Blackstone is arguing that they can deregulate the Roberts units now (and lottery units starting in 2035) because the Roberts settlement and 2015 regulatory agreement grandfather the 2019 rent stabilization law that otherwise prohibits deregulation. So whatever comes of this action does affect lottery tenants and should provide clarity!
From the FAQ I posted:
What is the basis for deregulating apartments?
Blackstone is arguing that the original Roberts settlement along with the 2015 regulatory agreement with
the City supersede the historic housing reforms passed last year as part of the HSTPA. Many legal
experts, including lawyers from the Tenants Association and State Legislature, disagree as they hold that
the HSTPA supersedes the ruling in Amy Roberts, et al. v. Tishman Speyer.
And this is the regulatory agreement from 2015 which mandated ST/PCV keep 5000 units affordable and would phase out the affordable units to market rate over a 5-year period starting in 2035. https://d3n8a8pro7vhmx.cloudfront.ne...pdf?1531952364.
Are you certain that the 2021 lottery is governed by the 2015 regulatory agreement? The 2021 lottery seems to be a completely different beast.
Yes. From the HDC rider page in my lease:
Stuyvesant Town*Peter Cooper Village ("Property") has agreed to participate in an affordable housing program ("Program")
with the New York City Housing Development Corporation ("HDC"). The Program will be in effect during a regulatory period
("Regulatory Period") provided for in the governing HDC Regulatory Agreement. While the Regulatory Period is in effect,
certain rules and restrictions apply to the apartment governed by this Lease. Upon the expiration of the Regulatory Period,
in*place residents of the apartment governed by this Lease will benefit from certain limits on rent increases for an additional
five years.
I got my offer last week for a 2 bedroom apartment and I'm moving in in early November Log number 8xxx.
I'm already in Stuy so I'll be moving within the neighborhood but thrilled to have a lottery apartment!
The process was relatively fast for me as they first requested documents in late July and I was added to the waitlist and approved in mid August.
Congratulations! I'm #83XX so it's giving me some hope to see another 8XXX get an offer! If you don't mind sharing, are you on the lower or higher end of the income range?
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Log number 8xxx.
