Q: I’ve heard that the Gateway Plaza rent stabilization agreement expires in 2020 – what does that mean?
A: The rent stabilization agreement, which covers all Gateway residents who lived here as f June 30, 2009, expires June 30, 2020. GPTA is working closely with the Battery Park City Authority and our elected officials to negotiate an extension of the rent stabilization agreement. However, if the agreement expires without extension, here is how it works: for any rent stabilized leases expiring between July 1, 2018 and June 30, 2020, the tenant is entitled to a 1-year renewal with rent increases determined by the rent stabilization guidelines (currently 1.5%). So, for example, if your lease expired October 31, 2018, you were given a 1-year renewal, with a 1.5% increase in rent; your renewed lease will expire October 31, 2019. At that time, you’ll be entitled to another 1-year renewal to October 31, 2020. At that point, unless the rent stabilization agreement is extended, any renewal would be determined by whatever the landlord requires – it could be 1.50%; it could be 20% or more. Notice that, even though the rent stabilization agreement expires on June 30, 2020, that doesn’t mean that your lease will expire on that date – your lease will expire one year from the date of your last renewal.