Posted by me again on January 06, 2001 at 16:19:22:
In Reply to: Re: new rent posted by Will on January 06, 2001 at 00:06:06:
Those were the old rules I think from the rent regulation reform act of 1997 but more recently they were updated to include reaching that rent with vacancy allowances and improvements made. And more recently as of the new rules put in place 12/20/00 the new tenant no longer needs to be officially notified of the fact that it was previously stabilized.
: Someone here can correct me if I'm wrong...but it would be de-controlled only AFTER the tenant it reaches $2000 or above moves out. So the landlord would raise it by 18-20% which is the vacancy increase (no renewal increase) and then add 1/40th of renovations after it would be rented to you at that rent the apartment would be considered decontroled when you move out (if the landlord files papers I think).
: : Thanks, oh my goodness, the 20% vacancy pushes it up to it being decontrolled, after it is decontrolled, he can make the apartment whatever rent he chooses, right?
: : Thanks again!
: : : 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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