Posted by terri on January 10, 2001 at 19:49:06:
In Reply to: What happens to a Rent Control apartment when vacated? posted by E. Chesnut on January 09, 2001 at 16:28:04:
: My neighbor died after living in his rent controlled Manhattan apartment for many years. His rent was about $300. Landlord renovated apartment and now rents to group of young college grads for $1,900. When a rent controlled apartment is vacated, can it automatically be converted to a market rate apartment - or is it supposed to be converted to a rent stabilized unit? (And if so, what increases are legal?) Either way, my guess is that the landlord made the rent that high so that after a couple of "legal" annual increases it will top $2000 and be automatically decontrolled.
there's a "fair market rent" formula landlords are supposed to follow. and they are required to inform the first tenants of this calculation and of the tenants right to challenge it with DHCR.
for the formula, look here:
in order for an apartment to be under rent control the tenant must have been living there continuously since before July 1, 1971. when a rent controlled apartment is vacated, it either becomes rent stabilized (where the building contains at least six units) or is completely removed from regulation.
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