Posted by Will on January 06, 2001 at 00:06:06:
In Reply to: Re: new rent posted by Irene on January 05, 2001 at 16:45:40:
Someone here can correct me if I'm wrong...but it would be de-controlled only AFTER the tenant it reaches $2000 or above moves out. So the landlord would raise it by 18-20% which is the vacancy increase (no renewal increase) and then add 1/40th of renovations after it would be rented to you at that rent the apartment would be considered decontroled when you move out (if the landlord files papers I think).
: 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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