Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply

User Stats

41
Posts
18
Votes
Jacob Camilliere
  • New York, NY
18
Votes |
41
Posts

Rent Control question

Jacob Camilliere
  • New York, NY
Posted

So my family has owned a 6 unit (4 bed/1 bath units) apartment complex in westchester, NY for almost a century, and I think it is time to see if there is any way we can get round the ridiculous rent control. The rule in my town is any building with 5 or more units is subject to rent control. The thing is my grandparents (the landlords) have lived one of the first floor units for the past 50 years, and the other first floor unit has not been rented out in almost 22 years. We save it for when family visits, holidays, etc. There are some issues with one tenant in particular who has lived there since the late 70s probably and only pays around $800 a month because of the rent control. Shes very old and i dont think my grandparents want to subject her to moving but they would be willing to increase her rent if they could. The other units are being rented for anywhere from $1,800 to $2,500 a month. 

Would it be worth it to hire a lawyer to see if theres anything we could do since technically only 4 units are being rented and the landlord/owner lives in the other two units?

or something we have considered in the past is split each apartment into 2 bed/1 baths and increase the total amount of units from 6 to 12. I dont think my grandparents are willing to tackle a project that large but maybe in the future. 

thanks

Most Popular Reply

User Stats

52
Posts
15
Votes
Andres Baena
  • Attorney
  • Queens, NY
15
Votes |
52
Posts
Andres Baena
  • Attorney
  • Queens, NY
Replied

Definitely get an attorney who is up to date on the changing rent control law. See below article:

https://www.nytimes.com/2019/06/12/nyregion/rent-regulation-laws-new-york.html

Best,

Loading replies...