4 ms·
This is inaccurate. If a landlord lowers the rent of a rent stabilized apartment, they are able to raise it again at the next renewal to whatever the authorize
by mattzito 4y ago
This is inaccurate. If a landlord lowers the rent of a rent stabilized apartment, they are able to raise it again at the next renewal to whatever the authorized rent is.
I lived in an NYC rent stabilized apartment for a number of years, and my rent was always articulated as legal rent is X, offered rent is Y.
- WalterBright 4y agoWhat determines the legal rent? There's gotta be something about rent stabilization which causes landlords to leave apartments vacant.
- mattzito 4y agoIt could not be simpler - they lost a lot of loopholes right before the pandemic and they are hoping the courts change things. It’s not a real free market problem.
- bombcar 4y agoIt seems that before now you’d be stuck with and X% increase, but when the tenant moved you could bring the rate back to “normal” - something apparently changed and you can’t do that (maybe?). It’s interesting how rent controls work perfectly but property tax controls (prop 13) is widely known to be the cause of all ills.
- bluGill 4y agoSure, but your new rate adjusts from the lowered price not the higher price of what it would be if you kept the same rent.
- mattzito 4y agoThis is inaccurate- the legal rent remains the legal rent, and all increases are attached to the legal rent. The landlord can decide to change the rent to anything up to the legal rent, but cannot go over.
- WalterBright 4y agoYeah, but it all depends on how the "legal rent" is calculated.
- mattzito 4y agoYeah, this is all well-established. When you buy an apartment building you know the legal rent for every apartment. That only changes by a percentage amount every year, and the amounts are available historically, and landlord reps make up a big chunk of the board that sets those percentages. There’s no mystery here, everyone knows the score, it’s just that landlords try to take advantage.
- bombcar 4y agoDoesn’t everyone try to take advantage? I’ve never heard of renters offering to pay more than rent, it’d be like haggling with a street vendor to pay a higher price.
- mattzito 4y agoSure, but there used to be big loopholes, so, for example, if you made capital improvements to an apartment you could increase the rent further. Landlord buys a $500 fridge and hires his buddy to install it and gets from him a receipt for 8k in installation fees. Now he can raise the rent $800/mo. the same sort of shenanigans aren’t available the opposite direction for the tenants.
- wan23 4y agoThis is actually not correct any more. 2019's housing stability and tenant protection act changed it so that the preferential rent must continue as long as the tenant keeps the apartment, subject to the same percentage increases as the legal rent.