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Preferential rent removal

NYC Rent Regulation: Rent Control/Rent Stabilized, DHCR Practice/Procedures

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Preferential rent removal

Postby tonyg17 » Tue Feb 19, 2019 11:15 pm


I have a question regarding preferential rent. Here is my situation. I have been on preferential rent since 2006. The rent increases every 2 years per nyc rent guidelines. My building was sold, this month, and the new landlord informed me they are removing the preferential.

The legal rent is 1700, and my preferential is 1200.

On my original lease from 2006, there is a preferential rent rider which states the following:

"If there is any conflict between the provisions of this rider and the terms of the appended printed lease, such conflict shall be resolved in each and every instance in favor of the provisions of this rider.
The monthly legal regulated rent for this apartment is $1353.10. Renter acknowledges that this agreement shall in no way affect the monthly legal regulated rent for the subject apartment. Owner reserves the right to calculate the rental amount for future vacancy leases based upon this monthly legal regulated rent.
Instead of the legal regulated rent set forth above, Owner agrees to charge and renter agrees to pay a monthly preferential rent of $950.00 and shall pay this same amount as a security deposit. If renter chooses to renew the terms of this lease, this preferential rent amount, plus all other lawful increases, shall be used to calculate all applicable increases to establish the renewal rent. Thereafter, each successive renewal rent shall be calculated based upon increases to the most recently established renewal rent for as long as the renter remains in occupancy."

Can the new owner removed the preferential? If not, what are my options?

Re: Preferential rent removal

Postby TenantNet » Tue Feb 19, 2019 11:44 pm

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