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20%rent increase

Posted by kim on October 19, 2000 at 20:41:25:

I live in a building w/450+ units built more than 25 yrs. ago. We are market rate. For the first 3 years we lived here, we were treated as if we were stabilized. (Proper forms, option of a 2, about 4% increases). Last year, our rent went up by 20%, with only a one year lease. This year, I believe they will raise the rent by about 15%. Are there any regulations that govern market rate apartments? Would it be wise and/or cost effective to hire a lawyer to negotiate my next lease, or is all hope lost of staying in Manhattan?

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