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Rent Increase

Posted by Barry on January 17, 2000 at 10:39:33:

How do you know if your apartment is rent stabalized? We signed a lease for
a Manhattan building (over 100 units) for $2,150 a month in March of 1998.
The apartment had just been renovated and the lease states that it is not
rent stabilized. We have just received notice of a 30% increase. We have
one month to advise them if we want to renew and 2 months to vacate if we
are not renewing.

My understanding of the law is that if you signed a lease on or after June of
1997 on a vacant apartment and the rent is now $2,000 or more, your apartment
is then destabalized and any FMV rent can be charged.

Is this accurate?



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