The Times’ Real Estate Section reached out to David to explain what happens to a subtenant when a prime tenant stops paying rent.
Succession rights are one of the most valuable rights created by the Rent Stabilization Law. See Rent Stabilization Code §2523.5(b). They allow an immediate family member to succeed to a rent-stabilized tenancy after the tenant “permanently vacates.” This latter phrase has been a hotly contested legal issue in the past few years. And a recent […]
One of the chief differences between the Loft Law and rent stabilization is that the former allows tenants to “sell” their rent regulation rights to the landlord. Multiple Dwelling Law §286(12) . While this can sometimes result in a substantial cash payment to the outgoing tenant, it is not good for a subsequent residential tenant. […]