I have rented from HDFC for some years now can this lead to future problems in getting a new lease

Asked by Lost, 10011 Sun Jan 1, 2012

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Mitchell Hall, Agent, New York, NY
Fri Jan 13, 2012
Lost,

If your apartment is rent regulated you should not have problems renewing the lease. Many HDFC coops have rent regulated tenants occupying apartments since most were converted by NYC under non-evict terms.

However, if you are subletting legally from an HDFC shareholder and the coop has term limits on subleasing you may have a problem as the coop may require the shareholder to occupy the apartment. Many HDFC coops have liberal sublet policies that allow unlimited rentals. They may charge the shareholder a maintenance premium.

Unfortunately liberal subletting in a coop/condo is a detriment to the shareholder/owners rather than the renters. The owners will have problems selling their apartments if there are too many renters in the buildng since most lenders/banks won't give loans in buildings with a large percentage of renters.

Mitchell Hall, Associate Broker
The Corcoran Group
917-312-0924
mhall@corcoran.com
0 votes
Jolie Muss, , Upper West Side, New York, NY
Sun Jan 1, 2012
Lost, Please restate your question as it is hard to answer it. with the info provided? Do you mean you have been subletting an HDFC apartment or that you declined to purchase an HDFC apartment when you had the chance?
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Jan 1, 2012
Without much information not sure the question is fully understood--if you are concerned about your lease renewal, review the by-laws/building's policy; see if renting is allowed....
0 votes
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