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Ask Curbed: My LES Apartment Got Deregulated, Now What?

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Putting it in the language of metaphor, finding out your sweet sweet rent-stabilized apartment has been deregulated is the real estate equivalent of rain on your parade, or a swift kick in the nuts. Which is why we feel for you, poor Lower East Sider, who sent us this teary missive:

So today, I get this letter in my mailbox: "Dear Tenants,

Pursuant to Section 26-504.3 of the Rent Stabilization Law.

The building [My Lower East Side Address] is deregulated now. My building has been paying very high Real Estate Tax yearly and your apartment is no longer subjected to Rent Regulation. It is a market rental building now.

Thank you for your attention.

Truly Yours,

Can they do this? What does this mean? I assume they can't raise the rent until my one year lease is up, right? Man, I wanted to stay in this apartment forever :(

Folks, we have a frownie. But here's the thing: according to this random website, there might not be a Section 26-504.3! Is this a diabolical landlord trick?! On the Lower East Side, anything is possible.
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