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Re: rent increase in a co-op: more options

Posted by Anna on October 05, 1999 at 09:50:37:

In Reply to: rent increase in a co-op owned apartment posted by Kayse Wainwright on September 30, 1999 at 15:18:36:

: To Whom it May Concern:
: Today, I received notice from my landlady of a rent increase of $300 plus another
: $450 to bring the security deposit equal to the total monthly rent. I rent in
: Chelsea in New York city. I rent a one bedroom from the owner of a co-op apartment
: and I have a lease. I have been here for six years. Initial rent when I moved in
: was $900 and three years ago I signed a lease for an increase that brought it to
: $1,050. Since Chelsea has undergone a significant gentrification in these past
: three years, it is true that rents have really gone up. My landlady is saying
: that she needs to bring the price of our rent up to 'market price' so is now
: going to charge me $1,350 a month. I live on a fixed inome and will find it an
: extreme financial hardship to meet this amount every month. Is there any law
: that protects me from this? I realize renting from someone that owns the
: apartment is most likely not subject to rent stabilization laws, but I need to
: find out anyway. I sure could use a little help right now. I am on good terms
: with my landlady, I've always paid my rent every month and have done considerable
: upkeep and kept the apartment in very good condition.I sure would appreciate an
: answer to this inquiry as soon as possible as she hasn't given me much time to
: respond... it's either accept her terms within 10 days or I have 30 days to move!
: Thank you for your time.

In addition to what DK wrote:

If you do have a written lease, read it carefully. Renewal clause? terms? Take the lease to a Tenant Clinic & ask someone there to read the clause. There's one in Chelsea (Thursday evening? call Met Council: it is posted in their newspaper).

You can negotiate with her: do the math for her: she has no guarantee that she can rent at the higher price and will lose at least one month's rent changing tenants. And she might get a really bad tenant, unlike yourself...

You did not say: is this landlady the Sponsor? is she an Investor (bought one or more coop apts for the sole purpose of renting out)? How does the Coop Corp feel about this? Ask your neighbors. What are the current Coop Corp's sublet rules for its shareholders? Subletting is usually discouraged in coops to prevent frequent turnover of tenants. You've been there a long time, the Coop Corp might prefer that you stay.

Lastly, that building was formerly rent stabilized: are you sure your apt isn't? call DHCR, the 718 number, ask for the Apt Rental History.

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