NEW YORK – December 04, 2015 – (RealEstateRama) — Attorney General Eric T. Schneiderman, Governor Andrew M. Cuomo, and Mayor Bill de Blasio, joined by Commissioner James S. Rubin of New York State Homes & Community Renewal (“DHCR”) and Commissioner Vicki Been of the City’s Department of Housing Preservation and Development (“HPD”), announced today that 128 landlords receiving lucrative tax benefits under Section 421-a of the New York Real Property Tax Law are now registering 1,823 market-rate apartments across New York City as rent-stabilized.
The Real Estate Tax Compliance Program was established in 2015 by Attorney General Schneiderman, Governor Andrew M. Cuomo, DHCR Commissioner James Rubin and HPD Commissioner Vicki Been to address the violation of the rent stabilization requirements of the 421-a law by 194 landlords of multifamily residential rental buildings, claiming they were operating as condominiums.
Prior to launching the Real Estate Tax Compliance Program, Attorney General Schneiderman’s office spent two years investigating various landlords’ violations of the 421-a law. Over the course of that investigation, the Attorney General has entered into 18 separate settlements with landlords of buildings in all five boroughs of New York City that were receiving 421-a tax benefits, restoring an additional 408 apartments to rent-stabilization.
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