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Re: Vacancy Decontrol Issue

Posted by Lilly on July 17, 2001 at 00:08:12:

In Reply to: Vacancy Decontrol Issue posted by Gregg on July 16, 2001 at 20:39:30:

What LL is doing renovating the vacant apts is not your concern, unless work that required a permit was done without a permit and endangers the rest of the building. Even if the empty apts were renting for $800 and now renting for $2000, still not your business, only the first tenant in there has any basis for a claim of Fair Market Rent Appeal and that has to be done I think within the first 4 months. 1st tenant in must receive a rider stating what the last tenant paid and how the new rent was arrived at. When LL renovates an apt, he/she can charge 1/40 of the cost per month, plus a vacancy allowance(if applicable) and then the 4% or 6% increase. Even so, an $800 1 bedroom apt with a $10,000 renovation should be max about $1350

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