I’m looking at purchasing a quadplex in New York City, where all four units are rent-controlled, with two units vacant and two still occupied by rent-controlled tenants. Is there a way to remove rent control from these units, especially the vacant ones?
I’d appreciate hearing from anyone with experience in this area, particularly if you know of any process to decontrol rent-controlled units when they become vacant.
Also, I’m seeking recommendations for an attorney with expertise in rent control, tenant law, or real estate in NYC. Any leads or advice would be greatly appreciated!
Decontrolling rent-controlled units in NYC is a pain, especially after the 2019 law changes. Vacancy decontrol isn’t really a thing anymore—if a rent-controlled unit goes vacant, it usually just switches to rent stabilization instead of going fully market-rate.
For the occupied ones, your best bet would be a buyout, but that depends on the tenants and if they’re even willing to negotiate.
As for getting rid of rent control entirely, it’s tough. Some landlords try going the major renovation route, but it’s expensive, full of legal red tape, and not guaranteed to work.
You’ll definitely want a solid real estate attorney who knows NYC rent laws. I don’t have a specific one offhand, but checking with local landlord groups or real estate investor networks might be a good move.