Starting in 2020, tenants of various 421-a buildings throughout the city where rent concessions have been granted have commenced putative class action litigation asserting that the initial legal regulated rent for each of their apartments is not the lease rent, but is the “net effective rent." To date, the tenants’ efforts have met with mixed success. In their Rent Regulation column Warren Estis and Jeffrey Turkel analyze five decisions rendered on the subject.
November 02, 2021 at 10:00 AM
7 minute read
Suppose a landlord renting up a new 421-a building gives an incoming tenant a two-month rent concession during the fourth and fifth months of an initial two-year lease. The monthly rent recited in the lease is $3,000 per month. Over the course of the 24 months, the tenant will pay a total of $66,000.
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Warren A. Estis and Jeffrey Turkel
