Posted by Anna on April 07, 1999 at 10:06:37:
In Reply to: Passing on Cost of Renovations posted by Kari C on April 06, 1999 at 14:42:08:
: A Studio apartment in my rent stabilzed builing has come available
: and the management company wants to renovate. I understand that
: the rent can be raised 20% plus plus some fee attached to the
: renovation. Questions #1 Can they charge 1/40 the of the cost
: of renovations, OR 80% of the last rent (or $650 which ever is
: greater.) Question #2If they can charge me 1/40th; how can I be
: sure they aren't in cahoots with the contractor, who will
: inovoice the renovations for a higher $ amount, just so the
: management company can charge a higher rent??? I know what the
: past tenants rent was, but they're telling me the rent might be
: as much as $650 additional per month!!
It can be more than 20%: depends on how long the previous tenant was there.
There's a calculator on the RGB site (and a link to it on Tenant.net) housingnyc.com: try it!
Oh YES: they do lie about the costs of renovation, and they do get away with it.
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