Hello,
My lease renewal rent jumped from $3,800 to $4,398.70. I am in a RS apartment and signed a 421-a rider. I was hoping to get some clarity around the 15% increase in case its an error.
I have been charged an additional deposit of $123.50 and 421a(2.2%) of $475.20
For context -
The legal regulated rent for 2022 is $10,653.16 and the new legal rent for 2023 is (+3.25%) $10,999.39.
The legal regulated rent for 2021 was $10,653.16 and preferential rent was $3,550.
The rider mentions that the 421-a tax benefits are scheduled to expire on or about June 30, 2025. The annual 2.2% rent increases in accordance with RPTL section 421-a section 6-04(b) of the city's 421-a regulations and section 2522.5(e)(2) of the rent stabilization code. commencing approximately on July 1 2017, the surcharge commencement date and effective on the anniversary date of the commencement of the first lease for the apartment LL is entitled to charge and collect monthly rent increases at the rate of 2.2% of the actual monthly rent for the apartment in effect on the surcharge commencement date. On or after the surcharge commencement date the 2.2% increase shall be collected on each successive first lease anniversary date until the expiration of the 421-a tax benefit period. These 2.2% increases will be charged cumulatively but not compounded by another other lawful increases in order to offset the gradual diminution of 421-a partial tax exemption benefits.