Anyone know details about the J-51 tax abatement?
So I have a strange predicament...
I've been reading so much lately about people in Crown Heights with rent increase problems, that I decided to look back over my huge lease and have come across something rather strange.
One of the pages (that I signed) is titled "Notice regarding expiration of Rent Stabilization J-51"
It goes on to say that the building I live in, is rent stabilized "solely by the virtue of the Building's receipt" of the J-51 tax code, and that when it expires sometime between December 31, 2014 and December 31, 2017, the building owner will not be legally obligated to renew my lease, nor will the owner be in any other way regulated by the Rent Stabilization Code.
A bit scary sounding right?
So I looked more into J-51, and noticed this on the nycrgb.org site...
"The expiration of J-51 benefits does not always affect the stabilization status of buildings. If the building was rent stabilized before the tax benefits were applied, then the expiration of those benefits would not affect the building's regulated status. But if the units received stabilization status as a result of its J-51 tax benefits, then whether or not the building loses rent stabilization protection would depend on whether the owner gave proper notices in the lease and each renewal."
My building is a 6 story building, with about 50 units, built in 1910 on a residential street, so how could it possibly lose its rent stabilization "solely" by having their J-51 expire? Wasn't it most likely rent stabilized before, meaning I shouldn't worry about the J-51 ending?
My building shows up on the Rent Stabilized building list online, but is there any way of finding out when it originally became rent stabilized?