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Answer to luxury decontrol question

Posted by New York Tenant on May 22, 2001 at 21:40:09:

In Reply to: luxury decontrol question posted by Chris Martin on May 22, 2001 at 14:44:37:

Unless reversed by the Court of Appeals, the decision of the Appellate Division, First Department in the case of In Application of Missionary Sisters may make you subject to the legal maximum rent, instead of the preferential rent. See the article in the May 23rd online edition of the New York Law Journal:

The high rent deregulation for rents over $2,000 would apply to you, as an existing tenant, only if your income was over $175,000 for two consecutive years.

: My apartment has a legal rent of just under
$2000 but I pay
: a preferential rent that is substantially less
than that.
: (I believe this is because the landlord was not able to raise
: the rent during the early '90s when the soft
economy was soft).
: Currently at the end of each lease he increases both the legal rent
: and the preferential rent by the rent
stabilized limit. However, I
: only have to pay the preferential rent. I
assume if I were to
: move out the new tenant would pay the legal
rent (plus any
: vacancy increases).
: What I want to know is if the apartment will
become subject to luxury
: decontrol when the legal rent goes over $2000
even if the preferential
: rent is sill below $2000 (and I have not given
up my lease).
: I know this is a rather arcane question., but
if anyone knows the answer I would be much
: Thanks,
: CM

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