Can my exemption from the PRSA expire?

A unit is only exempt for as long as the conditions that place it inside of the exemption still apply. If at any point the conditions cease or no longer exist, that unit would become a “regulated rental unit” and would be subject to the cap. For example, a unit that is a part of a building cooperative is an unregulated rental unit and is not subject to the cap. However, if the cooperative converts to a different type of multifamily community, that unit would no longer be exempt and would become a “regulated rental unit.”

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