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He says the law allows for deregulation if the regulated rent is $2,000 or more and the tenant’s federal adjusted gross income — as reported on the New York State tax return — exceeded $175,000 for the two years before the application.
“The landlord is only entitled to ask the tenant if his federal adjusted income exceeded $175,000 for both years,” Mr. Ng said, adding that the division can ask the state’s Department of Finance to verify only whether the reported income exceeded the limit.
— I (Lorenzo) would add to this that should this tenant move out, and the rent is over $2,000 the landlord can much more easily have the apartment destabilized. After that happens, the next tenant will no longer be entitled to a rent stabilized lease, but rather, a prime lease, regardless of the tenant’s income.
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