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Re: Apartments Renting for $2,000 or more

Posted by New York Tenant on July 17, 2001 at 10:25:15:

In Reply to: Re: Vacancy Decontrol Issue posted by Lilly on July 17, 2001 at 00:08:12:

Lilly wrote: "When LL renovates an apt, he/she can charge 1/40 of the cost per month, plus a vacancy allowance (if applicable) and then the 4% or 6% increase."

Actually, the landlord is entitled to monthly increases of (a) 1/40 of the cost of improvements and (b) a vacancy increase, but not a renewal increase of 4% for a one-year lease or 6% for a two-year lease.

The vacancy increase would be a minimum of 18% for a one-year lease or 20% for a two-year lease. The vacancy increase could be higher if the apartment hadn't received a vacancy increase for eight years or more, and/or if the previous stabilized rent had been very low.

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