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Thread: Big rent increase in rent stabilized buildings?

  1. #1

    Default Big rent increase in rent stabilized buildings?

    Hi,

    I'm renting an apartment in a rent stabilized building and I'm currently paying $1,172.49. I got my renewal lease form and according to it my rent has increased to be $1,300.00 ($127.15 more per month!). I called the landlord and they confirmed this increase .... is this legal???

    I would appreciate very much any response!

    Thanks very much in advance.

  2. #2
    Disgruntled Optimist lofter1's Avatar
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    The current renewal rate for a 2 year RS lease is 6.5%; on your apt (assuming that current listed rent is NOT a preferential rate) the increase would be ~$76.00. Do you know how LL came up with the figure you mention?

    You might want to check out www.tenant.net forum for Rent Stabilized apartments -- lots of good info there.

  3. #3

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    Thank you lofter1. I called DHCR and apparently the law changed and they can increase my rent as much as they want as long as it is below the market rent, which is $1,956.11 ... so I'm still "lucky" that they didn't increase it to be $1,956.11 ... so I guess that, in practice, my apartment is not "rent stabilized" any more!

  4. #4

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    Rent stabilized tenants face increase

    Affects more than a million NYers

    Eyewitness News

    (New York - WABC, June 26, 2007) - If you live in a rent stabilized apartment in New York City, get ready to pay more for your pad.

    As usual, tempers flared over the Rent Guidelines Board's decision which impacts more than a million people. Eyewitness News reporter Lucy Yang has the story.

    Maxine Zeifman is not like her Upper East Side neighbors. She does not have unlimited funds. In fact, this feisty 79-year-old is anxious about how much longer she can afford to live in the city she loves.

    "It's terrifying because you know I'm on a fixed income," Zeifman said.
    She joined about hundred other rowdy tenants in the East Village Tuesday night to fight for zero percent increases -- only to witness the Rent

    Guidelines Board approve:

    3 percent hike for one year leases
    5.75 percent hike for two year leases

    Tenants cried it was too much, landlords argued it wasn't enough.
    Arnold Fine owns just a few apartments in the Bronx and East New York says he can't afford to own his buildings any more.

    "It's a joke. It's a joke ... what I'm going to get five percent on $800 dollars?" he said.

    Traditionally, neither side leaves these meetings victorious. But for the first time ever, the chairman of the board acknowledged that this one size fits all policy really doesn't work -- and that government subsidies or tax breaks need to make up the difference for those at the bottom of the ladder.

    "There are people who don't have the ability to pay the rent increases. We understand that. We've always understood that. We don't have the tools to address that issue, hence the frustration," Marvin Markus said.

    The increases will take effect October 1st.

    (Copyright 2007 WABC-TV)

    http://abclocal.go.com/wabc/story?se...cal&id=5425414

  5. #5

    Default

    i'm sorry, i can't feel bad. I just found out we're getting a 13% increase!

  6. #6

    Default rent increase

    What do you mean DHCR said the increase was legal? How is that possible --unless the landlord had been giving you a "preferential" rent before he HAS to follow the Rent Board increases... so did u have a preferential rent?

  7. #7
    Crabby airline hostess - stache's Avatar
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    I think so.

  8. #8
    Disgruntled Optimist lofter1's Avatar
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    It's going to be interesting to see what sort of percentage increases the NYC Rent Guidelines Board [RGB] comes up with for the next round of lease renewals (rates will be announced in June '09 and will cover leases which are renewed for 1- or 2-year terms starting at 10.09).

    Given the economy and the "populist" bent we're now experiencing -- along with the fact that Mayor Mike is making an attempt for a third term and will probably want to curry favor with the ~1,000,000 Rent Stabilized Tenant-voters (the Mayor appoints the nine members of the RGB ) -- my guess is that the next round of rates will at the very low end of the rate scale:
    ~1.0% - 2.25% for a 1-year lease renewal
    ~2.0% - 4.5% for a 2-year lease renewal

    Meetings of the Rent Guidelines Board for 2009 get going on March 24, 2009 and then continue through June 23, 2009, when the final vote for Rent Increases will take place.

    The Preliminary Vote on the next set of Rent Increases will take place on May 5, 2009.

    Links to a complete list of annual Lease Renewal Increases from 1992 - 2007: RGB Orders #23 - #40

  9. #9

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    I think they'll be lower than last year, for sure; (Last year oil was through the roof and landlords received a minimum $85 on 2 year leases, even if the 8.5 % increase came out to less). This year, with oil down 37 percent, I think they'll return to historical increases, 3% for one year and 5.5% for two year leases. (2.25 and 4.5 seem way too low, even in a bad economic downturn).

  10. #10
    European Import KenNYC's Avatar
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    It would seem rather weird if landlords didn't lower their rents on renewals quite considerably in the current market.

  11. #11
    Crabby airline hostess - stache's Avatar
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    A guy at work said one of his neighbors (UWS) is moving out of a 1 br (plain elevator building) and moving into a similar apt. in the Belvedere for $500.00 less than his old rent would have increased.

  12. #12
    European Import KenNYC's Avatar
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    Yeah, I have been talking to my landlord about renewal, and while he wouldn't give me a set rent yet, I got a vague feeling they're not going to decrease. Which means I will be moving. The building across the street offers a near identical apartment for $900 less a month. My loyalty only stretches so far.

  13. #13
    Crabby airline hostess - stache's Avatar
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    Thumbs up

    There's no room for loyalty with a rental.

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