Posted by Mark Smith on June 25, 2000 at 17:09:57:
In Reply to: Re: rent increase: 25%: same as stabilized posted by JBS on June 25, 2000 at 13:48:15:
The Rent Guidelines Board has never authorized a vacancy allowance on top of the 1997 rent law's vacancy increases for a one-year lease or a two year lease. However, in July 1997, DHCR interpreted the 1997 rent law to permit landlords to add the RGB vacancy guidelines that were effective through September 30, 1997 to the increase provided by the law.
The 1997 rent law mandates a minimum increase of 20% for a two-year lease, and a minimum 18% increase for a one-year lease (more accurately, 20%, less the percentage difference in the RGB guidelines between a one-year renewal lease and a two-year renewal lease). If an apartment hasn't received a vacancy increase for eight years or more, an additional 0.6% is added for each year that there wasn't a vacancy. There are also higher increases for apartments renting for less than $500 and even higher increases for apartments renting for less than $300.
: That's no larger than the RGB voted for rent stabilized apartments: 4-6% PLUS 20% vacancy. What the RGB is saying is 25% increase is a market increase.
: It's even larger for rent undre $500: up to 35% increase.
: It's your move now: negotiate a smaller increase or find a new apartment.
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