Hello!
I am a very new tenant in a rent-stabilized building with preferential rent. I know PR is way less than ideal, but we were not in a position to turn it down. Now I'm reviewing the PR rider and am very confused by some of the language. I'm copying it below and if anyone can clarify it for me I would greatly appreciate it!!
"The legal regulated rent for any subsequent lease renewal will be based upon the rent set forth in the attached lease and not upon the amount of rent set forth in this Rider. The temporary rent concession/Preferential Rent does not apply to successors and may be terminated by landlord on any subsequent lease renewal."
I understand that the last sentence states that the landlord can kick it up to the LRR (legal regulated rent) at the end of our lease, but the first part is what's confusing me. Both the lease and the rider list *both* the PR and the LRR, so are they saying the lease renewal will be based on the PR or the LRR?
Thank you!