As New York City rent prices continue to increase, the demand for housing has made rent-controlled apartments an even more precious commodity. Indeed, many landlords seeking to earn a sizeable profit in the current sellers’/renter’s market have engaged in “buying out” their tenants’ lease agreements.
In some situations, a buyout can effect a sizeable and worthwhile payout to both the landlord and the tenant. However, there has become an increasing trend of meager buyout offers to lower-income tenants. These paltry offers, if successful, have the potential to displace lower income individuals in the face of New York’s ever increasing rental prices. Furthermore, recent reports have suggested that these buyout offers have been used more as instruments of illegal tenant harassment than simple mutually-beneficial business propositions. Continue reading “Buyouts as a Method of Tenant Harassment”