Posted by John E. Marre on April 29, 1999 at 07:32:13:
In Reply to: Re: First Rent... a URL posted by Janet on April 29, 1999 at 00:57:34:
Thanks Janet! This is the very issue that's causing all the questioning. The terminology is so vague when it comes to the interpretation of "perimeter and dimesnions".
Apparently, the applications have been understood to mean "wall to wall" or, adding/removing walls (creating a studio from a one bedroom, or creating a one bedroom from a sutdio). Question now is, 'what if' floors are considerably raised/lowered, or ceilings are raised/lowered (building on existing floor or adding/removing drop ceilings).
It's very much left to individal interpretation and we're wondering if any readers have had any experience with this matter.
Thanks again to all who can contribute.
First Rents: Where an owner significantly changes the perimeter and dimensions of an existing housing accommodation, or creates a housing accommodation in space previously used for nonresidential purposes, the DHCR may find that the resultant housing accommodation was not in existence on the applicable base date. Such a finding may entitle the owner to charge a market "first rent," subject to guidelines limitations for future rent adjustments.
Note: Posting is disabled in all archives
Post a Followup