Our rental building is converting. What’s the difference between an “eviction” and a “non-eviction” plan?
When developers convert a rental building, they file a plan with the state Attorney General’s office.
In a “non-eviction” plan, the conversion plan becomes effective once 15 percent of the units are sold. However, rent-stabilized and senior tenancies (which means if you’re over age 62, or disabled) are honored. If your lease runs through the effective date of the plan, you can also stay until your lease is up.
In an “eviction” plan, the conversion plan becomes effective once 51 percent of the units are sold. Again, senior/disabled tenancies are protected. But if your lease expires — you’re given the chance to buy, and if you don’t, hit the road, Jack.