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TenantNet Forum Archives 1996-2002
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Initial Legal Regulated Rent

Posted by Frank Longo on December 14, 1997 at 22:30:40:

I've just moved into an apartment in NYC which is being registered for the
first time as Rent Stabilized after being registered previously as Rent
Controlled. If I understand correctly, the initial legal regulated rent
that may be charged is determined as a percentage increase over the past
year's Rent Control Maximum Base Rent (MBR) averaged against rents
generally prevailing in the same area for similiar apartments. If the
MBR for the apartment is 457.78 and the average rent for similiar
apartments in this area is below 700.00 ( info from broker ), how can my
rent be 743.39?

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