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So every year the tenant has the right to renew their lease AUTOMATICALLY. I got this part.
Four General Questions:
1. Can the landlord raise the rent if the apartment is in good order and no problems?
2. How much can the landlord raise the rent?
3. Is there succession rights on a rent stabilized lease?
4. If you don't own any apartment/house and purchase a condo with a rent stabilized tenant, are you able to evict the tenant if your family needs the apartment?
1. Lease renewals are annual or biannual (tenant's choice). Renewals reflect a percentage increase established each year by the Rent Guidelines Board.
2. The latest RGB rates are 3.75 percent for one-year renewals and 7.25 percent for two-year renewals. That's higher than the norm for recent years, secause of either rising costs or more effective lobbying, depending on whose story you believe.
3. Yes, if residency requirements are met. It's generally safer for the would-be successor to get his/her name added to the lease if possible.
4. Very unlikely.
Disclaimer: I'm not an attorney; these answers are drawn from personal experience. Hoping our resident experts (esp. dwell) will weigh in.
Here's the primary source:
Or DHCR's own site:
Here is the part I am confused about (family exception)...
"One of the advantages of being a rent stabilized tenant is the right to renew your lease. This right holds with few exceptions, and eviction for owner occupancy by the landlord or a family member is one of the exceptions.
The rent regulation laws allow the landlord of a rent stabilized building to take over one or more apartments for family use. However, he/she must give you 90 to 150 days notice before your existing lease expires that it will not be renewed. In addition, he/she must be able to prove that the apartment will be for family use."
I believe family use would include MYSELF living in the apartment. I wonder how many years I would have to live in the apartment before one can sell it.
Are you buying an apartment or an entire building? If you are buying an apt, owner occupancy is trumped by the original conversion plan. Most buildings, whether co-op or condo, were converted under non-evict plans and owner eviction for own use does not apply. If you are buying an entire building, then yes, you may take over -not painless or easy. But possible.