Landlord Qualifies for Alternative Hardship Increases
LVT Number: #24753
Landlord applied to the DHCR for rent hikes based on the alternative hardship provisions of the Rent Stabilization Law and Code. The DRA ruled against landlord, who appealed and won in part. The DRA had found that the sale of the building to landlord wasn't an arm's-length transaction. The DHCR noted that, to apply for an alternative hardship rent increase, a landlord must have at least 5 percent equity in the property. Here, Neighborhood Restore was a qualified third party in HPD's Third Party Transfer Program that took title under a tax foreclosure judgment.