Posted by JJ on January 07, 2000 at 00:06:40:
In Reply to: Whatever the market will bear... posted by MikeW on January 06, 2000 at 16:37:05:
Actually, 10% is very reasonable for a coop these days. The law for coop rentals GBL 352-eeee is that the increase be not 'unconscionable'; the law does not define that term. The court decision you referred to suggested increasing it to the 'Market Rent' or the rent of similar apartments in the building or nearby was OK.
: For an unregulated apartment, the LL can charge whatever they can get. There was some case law a while back that challeged the deregulation of unsold coop units, but I seem to remember that being overturned on appeal.
: The short answer is that your out of luck.
: : Is there a increase cap on Free Market apartments? My new lease is a 10% increase. Is that legal? What instruments do they use to determine what the increase is ala RGB 2%-4% increases? I currently live in a COOP building with a number of rental units and of course owner occupied, approx 72 apts.
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