LSNYC Fights to Keep Buildings Rent-Stabilized

In April 2021, residents at several buildings in the Bronx received a totally unexpected letter: Their landlord, Emerald Equities, had applied to a state agency to deregulate the buildings, ending their status as rent-stabilized — and giving the landlord the opportunity to raise rents and push tenants out. 

Emerald Equities claimed that they had invested enough money into improving the buildings that they could deregulate them. “Improvement” was a shocking word to tenants, who were living with near constant leaks, mold growth, rats, cockroaches and broken appliances. 

Tenants at the buildings, on Woodycrest Avenue, Anderson Avenue and Shakespeare Avenue, sought out help from LSNYC’s Tenants’ Rights Coalition (TRC) who dug through Emerald Equities’ financial history to find they had financed the improvements with specific public funding (the federal housing agency’s Participation Loan Program) which prevents the building from being deregulated. A state agency soon rejected Emerald Equities’ application for deregulation, requiring the landlord to offer all its tenants rent-stabilized leases. 

The tenants, however, were not done fighting for needed repairs, and undertook a rent strike to push for decent living conditions. 

“The tenant association is happy about this huge victory. But the happiness is not full,” said Julius Bennett, a tenant leader for one of the buildings. “Enough is enough, we will continue the fight.”

• Read the press release

“The tenant association is happy about this huge victory. But the happiness is not full. Our landlord has not paid Con Edison for months and now we are suffering because of this dishonesty. The building is at high risk of getting the services shut off, we won’t have electricity in the common areas of the building or cooking gas. Enough is enough, we will continue the fight but we need support from our elected officials.”

Julius Bennett, an LSNYC client and a tenant leader

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