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Late fees in rent-stabilized buildings

Posted by Gary on September 11, 1997 at 14:00:57:

My lease with the landlord -- it is a rent-stabilized building -- contains a clause saying that late fees are to be paid, 5% of the rent, if rent is paid after the tenth of the month.

Is this legal? If not, is it specifically banned in some DHCR or court decision? Thanks much.

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