Stuy Town: No Rent Increases Until 2017
Deutsche Bank revealed a post-mortem report this week about the problems in Manhattan's Stuyvesant Town apartment complex, according to The Wall Street Journal. As reported back in October the owners were found guilty of benefiting from a city tax break called J-51 to upgrade the apartments. Then, they illegally turned around and charged market rates to renters.
This line in particular stands out:
"While the report emphasizes the potential for huge losses among the city's major real estate players, it leaves out what must be a sweet feeling of relief among those New Yorkers who live in rent-stabilized buildings, many of which won't see a rent increase, the report notes, until 2017." [emphasis added]
Stuy-Town residents are probably cracking open the champagne. What about you? Here are some things to know about rent increases.
