Posted by Tim on November 11, 2001 at 20:15:43:
I live in a rent stabilized SRO in manhattan( I think it's a bit fuzzy to me as to where we lie status wise ) I have been served with an MCI application notice. My query is what constitutes 'improvements'? They put in a new dual heating/cooling system, replacing the old steam heat pipes with a water cooled thingie that I understand is mainly installed in hotels. It is noisier and doesn't seem to work as well as the admittedly old steam system. (BTW the SRO I live in is not renting apts anymore they have jumped onto the hotel boom and only supply rooms as a regular hotel might so we are more grandfathered in as it were.) They are basically waiting until everyone moves out and then it will be ONLY a hotel for tourists and the sort. So if this is more of an improvement to appeal to the hotel guests rather than the few tenants that remain how does this apply to the tenants left in the building? Also what resources are out there for us? I don't mind throwing some cash but it will in effect raise our rents as much as 16% And if I understand this rightly after it is paid off the rents do not return to their pre MCI levels, adjusted for inflation or not. Sheesh what a scam. Who might have more info about this?
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