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1 Year or 2 Year Renewal/High Income Decontrol

Rent stabilzed lease renewals and how to apply Rent Guidelines Board (RGB) percentage increases

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1 Year or 2 Year Renewal/High Income Decontrol

Postby jesgord » Tue Sep 29, 2015 2:25 pm

I have just received my Renewal Lease form from my landlord and am trying to decide whether to renew for 1 year at no increase or 2 years at 2%. This decision is driven mostly be my desire to stay below the new $2,700 rent threshold for high income decontrol as long as I can (I am aware that the threshold will increase annually by the amount of the 1 year increase put in place by the RGB.)

My legal rent is currently $2,259 and with a 2% increase will go up to $2,304. I am also fairly certain that the owner of the building will be doing significant improvements to the building in the near future and seeking MCI increases- so my legal rent will likely increase from those as well.

So with this all in mind, am I better off taking the 1 year no increase renewal or the 2% 2 year? Any thoughts are greatly appreciated.
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Re: 1 Year or 2 Year Renewal/High Income Decontrol

Postby TenantNet » Tue Sep 29, 2015 2:54 pm

I wouldn't be too concerned about this. Unless your household income exceeds $200,000, you can't be evicted or deregulated even if your rent goes above the current $2,700 threshold. See the section on High Income at http://www.nyshcr.org/Rent/factsheets/orafac36.htm.

I would also look to see if your current rent of $2,304 is correct and how it got that way. Get a DHCR rent history going back to 1984 and look for huge jumps.

If there's a tenant association in the building, tenant can oppose any MCI rent increase applications, but that is a heavy lift.

As for 0% or 2%, well no one knows what the RGB increases will be next year, so that's a complete unknown.
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