Posted by Mark Smith on March 09, 1999 at 08:36:52:
In Reply to: 80% rent increase?! posted by Jennifer on March 08, 1999 at 19:17:17:
When you say the landlord owns your condo unit, do you mean the sponsor that made the building a condo? For co-ops, there has been a recent case that held that a sponsor ("holder of unsold shares") has to renew your lease and must do so at a "reasonable" rent. Check with the Attorney General's office if this is also their legal opinion on condos.
In any event, read your lease. You may not have a right to a renewal at all, and the landlord probably does not have to give you any notice of the termination of the lease. You don't have to accept the proposed 80% increase. You can negotiate. See what rents are for similar unregulated apartments.
The landlord would have to bring a holdover proceeding against you at the end of the term if you don't move out and don't agree to the higher rent. This could give you some time to find a new apartment, but you might be subject to the landlord's attorneys' fees and to a higher rent, set by the court, while you hold over.
I don't know if most prospective mortgagees check housing court records as part of their credit review. You have a right to know if they did, if they deny your mortgage application. You then have a right to challenge the negative information and put in a brief statement explaining about the proposed 80% increase.
: I live in a condo building. The landlord owns this unit. We had a two year lease which is up May 1, 1999. I believe it was a standard cookie cutter lease. I just received an e-mail from him on Saturday saying he wants to raise our rent 80%. Are we just totally screwed? Can we ask for an extension to find a place (he didn't even give us 60 days notice.) What would happen if we didn't move out? Would the eviction process prevent me from ever being able to get a mortgage?
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