Here's some small reprieve from the constant "rent is too damn high" story New Yorkers are all too familiar with. New York Attorney General Eric T. Schneiderman launched an investigation earlier this year looking at nearly 200 landlords across the city who were receiving 421-a tax benefits from the state but weren't providing rent-stabilized units in their buildings. As a result of the investigation, almost two-thirds of those landlords complied with the law, and an additional 1,823 market-rate units are now in the process of becoming rent stabilized. However, many landlords are still in violation of these laws—so we've compiled a map of their buildings, a majority of which are in Brooklyn.
The 421-a section of the Real Property Tax Law was established in 1971 to encourage developers to construct buildings with rent-stabilized units. Yet landlords have increasingly flouted these laws, as recent investigations have revealed.
"Landlords of rental buildings who accept these tax incentives must follow through on their end of the bargain and offer rent-regulated leases to their tenants. That's a central benefit of the 421-a law," Schneiderman said in a press release. "The return of these apartments to rent stabilization will not only bring economic stability to the families that occupy them, but also honor the spirit of the law as it was intended."
· 421-a Archives [Curbed]
· Rent Wars Archives [Curbed]