Quote from article: It’s almost impossible for landlords to turn an occupied stabilized apartment market-rate.
I don't think this is true. If the apartment's rent is $2000 or above, and the tenant moves out - OR, if the apartment's rent was under $2000, the tenant moves, and the landlord does enough work to raise the rent to $2000 or above - it's de-regulated. This happens all the time. In my building in West Harlem it's happened several times this year. The rents were often between $700-1200. The new owners came in and often when a person leaves they gut renovate enough to raise it to $2K - and voila! - it's de-stabilized! (On a side note, this practice is a major factor in the area's gentrification, as the Hispanic people that live there often can't afford the new prices. Before, Dominican landlords kept prices low for their own people. Our new landlord is Israeli. They don't give a shit and want to change the tenant population.)
The scenario of de-stabilization due to an existing tenant's rent rising to $2000 or above from a stabilized increase, plus making $175K or above two years in a row, is less common.
Quote from article: It’s almost impossible for landlords to turn an occupied stabilized apartment market-rate.
I don't think this is true. If the apartment's rent is $2000 or above, and the tenant moves out - OR, if the apartment's rent was under $2000, the tenant moves, and the landlord does enough work to raise the rent to $2000 or above - it's de-regulated. This happens all the time. In my building in West Harlem it's happened several times this year. The rents were often between $700-1200. The new owners came in and often when a person leaves they gut renovate enough to raise it to $2K - and voila! - it's de-stabilized! (On a side note, this practice is a major factor in the area's gentrification, as the Hispanic people that live there often can't afford the new prices. Before, Dominican landlords kept prices low for their own people. Our new landlord is Israeli. They don't give a shit and want to change the tenant population.)
The scenario of de-stabilization due to an existing tenant's rent rising to $2000 or above from a stabilized increase, plus making $175K or above two years in a row, is less common.