3 ms·

They can only legally increase your rent 2% every year or 4% every two years, and they HAVE to renew your lease by law unless you really fuck up (giving you the

They can only legally increase your rent 2% every year or 4% every two years, and they HAVE to renew your lease by law unless you really fuck up (giving you the option of both a 1 and 2 year lease). The apartment only becomes unstabilized if your income is exceeds $250K or your rent exceeds $2500/month. The only possible way you would ever see a large rent increase (that I know of) if you lived in a rent stabilized apartment in NYC is if the owner of the building dumped a shitload of money into the building (there is an actual formula that depends on the number of apts, I believe), and then since the building is a lot nicer they actually increase your rent to market rates. I agree with your second statement

busterarm 13y ago
Heh. My mom has paid $5760 in increased rent since 1989 for new mailboxes and windows. $20/mo. Her and every other rent regulated tenant in the building. $15,360 for a new interior for the elevator. $80/mo since 1997. Her and every other rent regulated tenant in the building. Capital improvements really hurt rent regulated tenants long-term.
so_says 13y ago
The amount changes every year. It is voted upon by the rent regulation board. Last year these were the numbers. For a one-year renewal lease commencing on or after October 1, 2011 and on or before September 30, 2012: 3.75% For a two-year renewal lease commencing on or after October 1, 2011 and on or before September 30, 2012: 7.25%