Posted by ed flaherty on January 10, 1998 at 12:07:44:
In Reply to: vacancy increase posted by Matthew Rice on January 08, 1998 at 20:10:28:
: I was wondering if someone might be able to answer a question or
: point me in the right direction to find the answer.
: At the end of July 1997 we moved apartments in Manhattan.
: The apartment we moved in to had a rent of $1000 per month.
: The landlord increased the rent by 27% and we signed a one year
: lease for $1270.
: At the time there was much going on with the rent stabilization
: system in NYC and I really didn't understand what the maximum
: increase could be at the time. (I though it should have been
: just the 20% vacancy increase, but the landlord (or at least his
: agency) claimed that they were allowed to add the 7% allowed annual
: increase to the rent as well.)
: I still do not have a full picture of what the laws allow. I really
: can't seem to find a definitive law, just, it seems, opinions.
: I have just read a page at http://www.tenant.net/Alerts/Guide/deal.html
: that seems to indicate that we signed a lease that was 7% to high,
: as allowed under the law. But again, I don't know if this is a law,
: a law that applies to me, a possible interpretation of a law, or just
: some gossip. (Note, the previous tenant had not been in the apartment
: for more than about 4 years.)
: My need is 2 fold.
: 1) what is the law that applied at the end of the summer of 97?
: 2) if, indeed, this law only allowed a 20% increase, do I have any
: recourse to get my 6 X $70 back and have my rent reduced, from now on,
: to $1200 until the next yearly increase? (I have signed the lease
: which said $1270, but can this lease be valid if the rent asked is
: Thank you for your time.
: Matthew Rice
It is my uderstandingthey are allowed the 20 per cent vacancy rate plus whatever the renewal lease calls for. You probably signed a two yearlease with a 20 per cent vacancy allowance plus the two year renewal at 7 per cent.
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