4 ms·
Honestly I ran into partially related situation in NYC. I found a 1-bed apartment I liked at a nicer building, I decided to proceed and next thing you know I'm
by r0m4n0 6y ago
Honestly I ran into partially related situation in NYC. I found a 1-bed apartment I liked at a nicer building, I decided to proceed and next thing you know I'm signing the lease. I read the lease and says a few very peculiar things:
1) the rent is 50% higher than what I saw being advertised/communicated
2) there is a massive discount that brings the rent down to what we agreed to on a separate page
3) this turned out to be a rent stabilized building so my rent is protected under rent control and I was informed I have more rights about increased rent
After some more thought I realize building management has been increasing the rent at the government regulated percentage every year behind the scenes and sometimes the market was relatively flat, they continued to raise the actual rent providing discounts, 10 years later they are giving a massive discount so that it actually meets the market demand. Later on they have full control on raising rent as often as to basically whatever price they want. Something about the whole thing seems like this isn't what rent stabilization was for...
- ver_ture 6y agoSo this is saying that you are "agreeing" to the full price, allowing them to one day charge you that full price? (While hooking you in with the 50% discount?)
- currymj 6y agothey can't just arbitrarily jack up the rent during the term of the lease. but they might when you try to renew the lease, or when you move out. the effect is as if there is no rent stabilization (unless market rents go up above $4000 a month or whatever the "official" number is.)
- gotoeleven 6y agoThe answer is clearly one more regulation to fix the loopholes in this regulation.
- wan23 6y agoThis was sort of fixed last year. https://streeteasy.com/blog/preferential-rent-nyc-new-laws-nix/ https://streeteasy.com/blog/preferential-rent-nyc-new-laws-n...