Posted by Matthew Rice on January 08, 1998 at 20:10:28:
I was wondering if someone might be able to answer a question or
point me in the right direction to find the answer.
At the end of July 1997 we moved apartments in Manhattan.
The apartment we moved in to had a rent of $1000 per month.
The landlord increased the rent by 27% and we signed a one year
lease for $1270.
At the time there was much going on with the rent stabilization
system in NYC and I really didn't understand what the maximum
increase could be at the time. (I though it should have been
just the 20% vacancy increase, but the landlord (or at least his
agency) claimed that they were allowed to add the 7% allowed annual
increase to the rent as well.)
I still do not have a full picture of what the laws allow. I really
can't seem to find a definitive law, just, it seems, opinions.
I have just read a page at http://www.tenant.net/Alerts/Guide/deal.html
that seems to indicate that we signed a lease that was 7% to high,
as allowed under the law. But again, I don't know if this is a law,
a law that applies to me, a possible interpretation of a law, or just
some gossip. (Note, the previous tenant had not been in the apartment
for more than about 4 years.)
My need is 2 fold.
1) what is the law that applied at the end of the summer of 97?
2) if, indeed, this law only allowed a 20% increase, do I have any
recourse to get my 6 X $70 back and have my rent reduced, from now on,
to $1200 until the next yearly increase? (I have signed the lease
which said $1270, but can this lease be valid if the rent asked is
Thank you for your time.
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