Adam Leitman Bailey's blog
Under the Rent Law of 2015, the law irrefutably assumes that a preferential rent is not based on some special relationship with the tenant but is a genuine statement of what the market will bear. Since rent stabilization is supposed to prevent tenants from paying above-market rents, the logic of the situation that the Legislature saw was that in some manner, so-called “preferential rents” are to have permanent legal effect.
Throughout the residential housing industry, there is dangerous ignorance of the amendments promulgated this year, amending the Rent Stabilization Code. All owners should be reading as much as possible about these amendments. Business is simply not the same as it was.