Steve Dobkin Quoted in the Times

In the Real Estate Q&A column in the New York Times on November 13, 2009, Steve Dobkin was asked about rent stabilization in a co-op building.

November 13, 2009, 11:22 am

Rent Stabilization Tied to Tax Abatement

By JAY ROMANO

Q.

We are thinking of renting in a new co-op building. We have been told that after the two-year lease ends, we will become rent-stabilized tenants. What would happen if the landlord lost the building or it was sold to someone else? Would we have to move?

A.

“As a general rule, buildings completed after Jan. 1, 1974, are exempt from rent stabilization,” said Steve Dobkin, a Manhattan lawyer who represents tenants. In most cases, the writer would not become a stabilized tenant after a two-year lease ended, regardless of who owned the building.

But, Mr. Dobkin said, for buildings that receive tax exemptions under the 421-a program, tenants become rent-stabilized immediately and remain regulated for as long as the owner receives tax benefits, typically 10 years. If the owner fails to notify a tenant in the initial lease that the apartment is subject to stabilization because of the tax exemption, the apartment will continue to be rent-stabilized even after the benefits expire, for as long as the tenant remains in possession.