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Posted by Anna on July 03, 2000 at 19:09:58:

In Reply to: When a Rent Stab. apt. reaches $2000 posted by ZuZu Quinn on July 02, 2000 at 14:13:51:

: When a rent stabilized apartment's rent reaches $2000, what happens? Does the tenant have to then pay what becomes "fair market value" -- which can be sky high-- OR does the apartment become "fair market value" only after the tenant vacates at his/her own free will? I'm confused, and concerned for the future.
: Thanks. Also, where can I get really good, concise info re: rent stab. rules and regulations. Something easy to understand.

If the rent legally increases from under $2000 to over $2000 while a tenant lives there, the landlord can file an application with DHCR for a 'high rent - high income' deregulation. If the income of all occupants is over $175,000 for the two prior tax years and he follows all the rules, the apartment will be deregulated. Go to the DHCR section on TenantNet or try this:

http://dhcr.state.ny.us/ora/ora.htm

Please note: DHCR has not yet updated its published rules on this subject since 1995. Income level was lowered in 1997, rules probably have not changed. Call DHCR for a newer fact sheet, if any.

http://dhcr.state.ny.us/ora/pubs/html/orao953.htm

Call, write, email or go to DHCR and request a Rent History ASAP: you may already be paying too much.

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Comments:
: : When a rent stabilized apartment's rent reaches $2000, what happens?  Does the tenant have to then pay what becomes "fair market value" -- which can be sky high-- OR does the apartment become "fair market value" only after the tenant vacates at his/her own free will?  I'm confused, and concerned for the future. 
: : Thanks.  Also, where can I get really good, concise info re: rent stab. rules and regulations.  Something easy to understand.

: If the rent legally increases from under $2000 to over $2000 while a tenant lives there, the landlord can file an application with DHCR for a 'high rent - high income' deregulation.  If the income of all occupants is over $175,000 for the two prior tax years and he follows all the rules, the apartment will be deregulated.  Go to the DHCR section on TenantNet or try this:

: http://dhcr.state.ny.us/ora/ora.htm

: 
: Please note: DHCR has not yet updated its published rules on this subject since 1995.  Income level was lowered in 1997, rules probably have not changed.  Call DHCR for a newer fact sheet, if any.

: http://dhcr.state.ny.us/ora/pubs/html/orao953.htm

: Call, write, email or go to DHCR and request a Rent History ASAP: you may already be paying too much.


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