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On Oct. 29, 2020, Newman Ferrara LLP, a Manhattan real-estate firm, filed four separate class-action lawsuits — on behalf of tenants living at 180 Franklin Avenue, 670 Pacific Street, 1209 Dekalb Avenue, and 3052 Brighton First Street, in Brooklyn, New York — highlighting three different maneuvers landlords used to evade the requirements of a tax-abatement program, commonly known as "421-a,"and the Housing Stability and Tenant Protection Act (HSTPA).
In 1971, Real Property Tax Law §421-a was enacted by the New York State Legislature to offer developers tax incentives for constructing new, market-rate, multi-family rental housing. In exchange for those credits, owners are required to provide their tenants with the protections of rent regulation, even if the apartments would otherwise be exempt. (This requirement has been modified under the "Affordable New York Housing Program" amendments to the 421-a program.) New York City's Rent Stabilization Law (RSL), and the Rent Stabilization Code (RSC), limit the amount of rent that NYC landlords can charge, and circumscribe the manner in which landlords are able to raise rents. To secure future percentage-based increases, participating landlords in newly constructed buildings must first establish an initial legal regulated rent for each unit and must register the "initial adjusted monthly rent charged and paid," with the New York State Division of Housing and Community Renewal (DHCR). See, RSL §26-517(a)(4) and RSC §2521.1(g).
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