Property Management
Under New York's 'preferential rent' rules (as amended by the HSTPA 2019), a landlord who has been charging a rent-stabilized tenant less than the legal regulated rent:
AMay always revert to the full legal regulated rent upon lease renewal
BMay only revert to the full legal regulated rent when the unit becomes vacant
CMust continue charging the preferential rent for the duration of the tenancy✓ Correct
DMust obtain DHCR approval before raising rent to the legal level
Explanation
The HSTPA of 2019 significantly changed preferential rent rules. Under the amended law, a landlord who charges a preferential rent (below the legal regulated rent) must continue offering the preferential rent to the same tenant for the entire duration of the tenancy.
People Also Study
Related New York Questions
- New York's 'preferential rent' tenant protection enacted in 2019 means that landlords of rent-stabilized units who had been charging a preferential rent:Property Management
- Under New York's 'Housing Stability and Tenant Protection Act of 2019,' the Individual Apartment Improvement (IAI) rent increase system was changed by:Property Management
- In New York City, if a rent-stabilized tenant sublets their apartment without the required landlord approval and proper procedure, the landlord may:Property Management
- In New York City, a landlord who collects more than one month's rent as a security deposit (from a tenant in a market-rate apartment) is:Property Management
- A tenant in New York City with a disability requests permission to install grab bars in the bathroom of a rental apartment. The landlord must:Fair Housing
- A landlord who charges a higher security deposit to a tenant with a disability to cover potential costs of a service animal is:Fair Housing
- In New York City, the value of a rent-stabilized apartment building is most affected by:Property Valuation
- A New York landlord who refuses to rent to a family because they have young children is violating which protected class under the Fair Housing Act?Fair Housing
Key Terms to Know
Short Sale
A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Study This Topic
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →