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What is "preferential rent"

Posted by Katy on March 11, 1999 at 16:00:41:

I am about to move into an apartment that is currently leased out for $960/month. The current tenants have been living there for 16 years. It is a rent stabalized building. When I asked the landlord how much the rent would be, he said it would be at least 1,400 even if they did not repair anything. (everything in the apartment is over 16 years old). When I questioned him about why there would be such as large increase (I thought the vacancy rate would be 20% of $960) he told me that in fact, they were paying a preferential rent and that the legal rent of the apartment is much higher, so that they could use the 20% increase based on a much larger amount. Is this legal?

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