Dear Owners: Have you asked your management company recently how they are curtailing illegal sublets in YOUR building?

This is the time of the year when people travel, and like the summer, there is a lot of activity in short-term sublets. While there are laws in place to try to curtail short term illegal sublets – it is still happening, particularly in small rental buildings, where the super is not present, and management companies are not familiar with the foot traffic in and out of the buildings that they manage. Having a video camera that does not work and no one reviews is pointless.

While the “rent stabilized” properties continue to diminish in our pool of housing, there are still however a few small-walk up buildings that are rent stabilized. In such properties, the “owner” can only increase the rent within the city guidelines. http://www.housingnyc.com/html/resources/faq/rentstab.html

Due to operating costs, and the restriction(s) on how much an owner can increase the rents on lease renewals in these types of properties, there is a lack of additional revenue for building improvements. Technically, the available apartments should be given to persons who qualify for them financially. The prospective tenants, are applying because cannot afford a more expensive apartments!

There are cases when people who have substantial wealth are able to obtain leases in their names in such apartments, often because they have invested their liquid assets in foreign investments, including but not limited to income producing properties, or investments in which their actual financials can’t be traced. No taxes, no records.
Is this fair? The unfairness comes when these individuals start to lease out short-term the very small rent stabilized apartments that are meant for people who can’t afford more, low income to some degree – yet these individuals with higher means – are doubling rents and pocketing every penny. More money for those who already have money off the backs of the ones who do not.
Instead of the rightful owner. So, next time you think about subletting your apartment illegally short-term, think about the ramifications that it has on your neighbors, and in our community, as well as the city itself. It is not cool. It lacks ethics.

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