Posted by E. Chesnut on January 09, 2001 at 16:28:04:
My neighbor died after living in his rent controlled Manhattan apartment for many years. His rent was about $300. Landlord renovated apartment and now rents to group of young college grads for $1,900. When a rent controlled apartment is vacated, can it automatically be converted to a market rate apartment - or is it supposed to be converted to a rent stabilized unit? (And if so, what increases are legal?) Either way, my guess is that the landlord made the rent that high so that after a couple of "legal" annual increases it will top $2000 and be automatically decontrolled.
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