Landlords Get Tough In New York's Condo Conversions

Weakened rent stabilization laws help landlords evict market-rate tenants. In Manhattan, more than 7,000 apartments are slated for conversion.

Affluent elderly renters are unwillingly leaving Upper East Side apartments. Gail Amsterdam, who is trying to help her mother and uncle stay in their market-rate apartment says: "I don't understand why nobody is standing up for elderly people who cannot stand up for themselves." New York is a renter city; in Manhattan, three-quarters of all households rent. Manhattan's March vacancy rate was 0.75%. Building owners claim that they are allowed to evict market-rate tenants while the condominium conversion plan works its way through the approval process. Meanwhile, lawyers for tenants are in Housing Court challenging this interpretation.

Full Story: As New York Apartments Become Condos, Tenants Are Stuck in the Middle

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