Landlord Outrageous Rent Hike Legal?

[kimchimonster]

I have been a small storeowner in the bronx for 25 years now. This year, the new owner of my building, and the surrounding businesses, decided to raise the rent from $1100 a month to $3000. Additionally, he decided to start charging building and property tax and insurance from $4000-5000 a year. This has forced me to shut down my store in the next month. I am very angered, just as my neighboring business tenants are. I would like to know the legality of this if anyone could help. I would really appreciate any comments. Thank you )

[kimchimonster]

I had a lease that ended last march. So now that the new landlord has come in, he has offered this new lease, which is quite frankly outrageous. One of the stores next to me is a bike shop which is more than four times the size of my store. Yet, the LL wishes to offer the SAME EXACT lease. To get to the point, the LL is not offering leases based on size or space. He is practically forcing everyone out of business. What can we do?

[Cranky Tenant]

This is exactly what's been happening in Manhattan for the past 15 or 20 years. That's why we no longer have small businesses like shoe repair, individually owned bookstores, neighborhood hardware stores, etc. Only national chains can afford these rents.

A lot of commercial landlords will add a clause to the lease stating the maximum amount they'll increase the rent to when the lease expires, but there's no legal cap on commercial rents.

<small>[ September 16, 2002, 08:31 AM: Message edited by: Cranky Tenant ]</small>