Posted by Lilly on January 05, 2001 at 15:11:32:
In Reply to: new rent posted by Irene on January 05, 2001 at 12:42:25:
If no renovations are done to the apartment after your friend moves out: 20% vacancy allowance on top of the old rent, plus 4% for 1 year lease or 6% for a 2 year lease.
If the landlord substantially renovates the apartment, 1/40 of the total cost (excluding finance charges) added to the monthly rent your friend was paying, plus 20% vacancy allowance, plus the 4% or 6%.
If any or all of this moves the rent up to $2000 per month, then it's de-controlled.
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