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Passing on Cost of Renovations

Posted by Kari C on April 06, 1999 at 14:42:08:

A Studio apartment in my rent stabilzed builing has come available
and the management company wants to renovate. I understand that
the rent can be raised 20% plus plus some fee attached to the
renovation. Questions #1 Can they charge 1/40 the of the cost
of renovations, OR 80% of the last rent (or $650 which ever is
greater.) Question #2If they can charge me 1/40th; how can I be
sure they aren't in cahoots with the contractor, who will
inovoice the renovations for a higher $ amount, just so the
management company can charge a higher rent??? I know what the
past tenants rent was, but they're telling me the rent might be
as much as $650 additional per month!!

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