But under a tenant-based program, vouchers are portable and tenants can use them to remain in their current apartment or take them elsewhere, as long as the landlord accepts them.
"What it does is give those renters who have been there for a long period a stake in that community that's very different; they now have a positive stake in the increase in value, rather than being hurt by it". Only one other Mitchell-Lama building in the city, West Village Houses in Manhattan, has been converted to a co-op under a tenant-sponsored plan.
But critics say it would also allow landlords who had improperly removed apartments from rent stabilization to keep the units at market rates".At a minimum, he's trying to protect the landlords from having these apartments put back under rent regulation," said Michael McKee, a tenants' advocate.
CHC said that 88% of housing associations in Wales would have a mismatch of properties if they tried to downsize all under-occupying tenants facing a benefit cut.
The couple hoped to buy one floor of a three-story house under a tenants-in-common arrangement, but Ms. Levine told them that wasn't really feasible.
Under the system, a tenant pays a lump sum for the right to lease the property indefinitely and then a monthly rent, often at a reduced rate.
Approvals could be secured by July, he said, adding that negotiations are under way with a tenant, whom he would not name, for a 92,500-square-foot building.
Even under that formula, a tenant paying $1.25 million for 1,000 square feet would need to have nearly $5 million in annual sales.
We rejected the respondent's claim that "it is a taking under Loretto for a tenant invited to lease at a rent of $7.15 to remain at the regulated rent of $1.79". Id., at 252.
Does his name need to be added to the lease? A. "Under New York law, a tenant is permitted to have an additional occupant, or 'roommate,' without first getting an owner's permission," said Lucas A. Ferrara, a Manhattan real estate lawyer and adjunct professor at New York Law School.
