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Renting a co-op apt.

Posted by Brenda on May 14, 1999 at 13:51:20:

I'm presently renting an apartment that's actually a co-op. About 2 or 3 years ago my rent was raised from $890 to $1200 per month, the reason being to bring it up to market value. Now the owner (who has admitted he's going through an expensive and nasty divorce) wants to raise our rent to $1500 per month. Is there any limit to the amount they're allowed to raise it? I don't know if it's regulated or not. Is that an option for the owner. How do I go about finding out whether or not it is. Somehow it seems unlawful. The building has 8 apartments. It originally was a rent stabilized building but had burned down and all apartments were vacated. The building was gutted out and renovated, and opened up in 1991. Perhaps he's trying to reach the $2000/month rent so it could be classified as a luxury apartment and not subjected to regulation?

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