RETAINING REGULATED RENTALS
-regulated tenants in New York City's tight, high-priced apartment market often are confused about the right of relatives to succeed to their apartments after they leave. Also confused are the many investors who hope to gain quick possession of apartments occupied by rent-regulated tenants that the investors have bought in buildings recently converted into cooperatives. Among the questions that keep arising are under what circumstances may a resident relative not named on a lease become the leaseholder when the primary tenant moves out, and are there differences in succession rights between rent-controlled and rent-stabilized apartments? The situation behind these questions is the desire of tenants to pass their below-market rentals along to children and other relatives. It also is a reflection of the strong demand for apartments, even at high rents, in many desirable neighborhoods and particularly in Manhattan.