Any tenant with a monthly rent of $2,733.75 (deregulation rent threshold) or more as of April 1 of this year (2018) and every year moving forward may be subject to Luxury Deregulation.Each year the deregulation rent threshold shall increase by the same percentage as a one (1) year renewal lease increase promulgated by each successive Rent Guideline Board Order.An apartment is deregulated when the monthly rent is above the threshold amount as of April 1 and the tenant(s) have earned a minimum of $200 for each of the prior two (2) years.
**Note:Any buildings that currently have J-51; 421-a or other tax benefits are not eligible to file at this time.Also, any tenant receiving SCRIE or DRIE is protected against Luxury Deregulation.
The attorneys at Mitofsky Shapiro Neville & Hazen, LLP, assist clients with the Income Certification and Deregulation process and are available to answer questions.