Deregulation of rent regulated apartments can result in tenants losing the apartments they reside in, often times for decades, while giving landlords long-awaited opportunities to obtain market rents when such apartments do, in fact, become vacant. Depending on whether you are the landlord or the tenant, this can be a life-altering event, both positive and negative, respectively.
Almost daily we read about tenants who may be at or near the monetary threshold for deregulation complaining that their landlords are not maintaining their buildings in habitable conditions in order to force them to move out. When this occurs, the landlords can then make major renovations that will bring the apartments up to fair market value, if such renovations meet the requirements of the Division of Housing and Community Renewal (DHCR). Such renovations can include Major Capital Improvements (MCI) and/or Individual Apartment Improvements (IAI).
Rent Act of 2015
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