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Re: 20%rent increase

Posted by Gary on October 20, 2000 at 10:48:46:

In Reply to: 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?

Assuming the apartment was deregulated properly (the circumstances are not clear from your post)--the answer to your question is no, no regulations govern market-rate rent increases and definitely no, it is not a good idea to hire a lawyer to negotiate a lease. You should try that yourself. If you are a good tenant, there's a good chance you can knock the price down. Since you just had a huge increase, why not ask for NO increase and maybe they will give you something affordable.

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