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Re: new rent

Posted by me on January 05, 2001 at 17:09:31:

In Reply to: Re: new rent posted by Irene on January 05, 2001 at 16:45:40:

That's correct but one small mistake on the vacancy calculation mentioned - it's 20% vacancy for two year lease and 18% for one year. The way it is calculated is the difference between a 1 and 2 year lease is subtracted from 20% for a one year lease on a vacancy. Hope that makes sense...

: Thanks, oh my goodness, the 20% vacancy pushes it up to it being decontrolled, after it is decontrolled, he can make the apartment whatever rent he chooses, right?

: Thanks again!

: : If no renovations are done to the apartment after your friend moves out: 20% vacancy allowance on top of the old rent, plus 4% for 1 year lease or 6% for a 2 year lease.
: : If the landlord substantially renovates the apartment, 1/40 of the total cost (excluding finance charges) added to the monthly rent your friend was paying, plus 20% vacancy allowance, plus the 4% or 6%.
: : If any or all of this moves the rent up to $2000 per month, then it's de-controlled.

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