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Re: rent increase: 24%: same as stabilized vacancy- NO!!!

Posted by Mark Smith on June 25, 2000 at 19:44:27:

In Reply to: Re: rent increase: 24%: same as stabilized vacancy- YES posted by JBS on June 25, 2000 at 17:52:08:


JBS is wrong again. The vacancy increase for a vacant rent stabilized apartment is 18% for a one-year lease and 20% for a two-year lease, unless a vacant apartment meets the special guidelines because it (1) hasn't been vacant for eight years or more, (2) rents for less than $500, or (3) rents for less than $300.

Rent Guidelines Board Chairman has said that he believes that the RGB has the power to order a vacancy increase over and above the increases provided in the 1997 rent law. However, there was also talk in mid 1997 of the RGB repealing the then current vacancy allowance after DHCR announced that vacancy leases commencing in July, August, and September of 1997 were subject to both the RGB's and the 1997 law's vacancy increases. Obviously the RBG never repealed the vacancy allowance effective through September 30, 1997, but the RGB has also never ordered a vacancy allowance after the 1997 law became effective.

This year, Hochman said that the RGB might ignore the vacancy increases that landlords had already received when the RGB calculated the guidelines for the period October 1, 2000 through September 30, 2001. Of course, it all comes down to bargaining among the Board members, along with arm twisting by Mayor Giuliani. And except for two years, including the 4% and 6% increases for renewal leases commencing October 1, 2000 through September 30, 2001, the RGB has ordered renewal increases of 2% and 4% for the years before and after the rent stabilzation law was changed in 1997.

Starting with Apartment/Loft Order #29 (for leases commencing October 1, 1997 through September 30, 1998), the RGB guidelines have provided "No vacancy allowance is permitted except as provided by sections 19 and 20 of the Rent Regulation Reform Act of 1997."

http://www.housingnyc.com/guidelines/guidelines.html

or click on the link below

:
: New guidelines which take effect Fall 2000 = 4-6% plus the vacancy increase would be minimum of 24%. Shel's increase is 250/1050

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