Destabilization 421-a
My building is going through destabilization and I have been paying the 421-a surcharge for the past few years (terrible). It officially moves to free market half way through 2027 but I can’t fully understand the rules in relation to the new freeze.
The rent stabilization in the building is set to expire on 6/30/27. The surcharges will continue to be billed for the remainder of the stabilized lease term. Any lease that expires after 6/30/27 will receive a market rate renewal reflecting a market rate increase.
Will I be offered a 0% increase and just need to pay the surcharge for 2027 or does this mean since I have a lease that begins end of Feb each year, my until will only be rent stabilized until then and I’ll have to pay market rate?