I have a rent-stabilized apartment and without giving my actual legal registered rent, let's say for the sake of discussion that it is $1,000 and was worth that much based on market comps in 2019. Right now in the midst of Covid, the apartment 's market value has been reduced to under the legal rent and it's now worth let's say $750. My lease renewal is coming up and if the landlord doesn't reduce my rent to $750 I will move. If the landlord agrees to charge me $750 if I stay, what happens in 2021, when my lease is up again and let's say the rental market is like it was pre-Covid?
Is he allowed to go back to charging the pre-Covid legal rent upon renewal or is he stuck with whatever the new guidelines increase is over the $750 figure regardless of the market?
Seems kinda crazy if he's stuck with $750, but hey, his loss, my gain. Just need to be sure of the facts before I decide.