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1. Protecting Tenants Rent
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Regulations will be continued for all tenants as
presently constituted, subjected to the changes and reforms noted below for
a period of six years.
For an apartment that is vacant on June 15,1997, landlords
will be entitled to the following vacancy allowance:
A. For two-year
leases, upon vacancy of an apartment, the landlord shall be entitled to
increase the rent by 20 percent, plus any additional vacancy increases as
noted below.
B. If the lease
is for one year, the 20 percent increase shall be reduced by the difference
between a two-year increase a done-year increase as authorized by the NYC
Rent Guidelines Board. For example,
if the Board approves a 3 percent increase for one year and a 5 percent
increase for two years, the two-year lease shall increase by 20 percent and
the one- year lease shall increase by 18 percent.
C. In addition
to the vacancy allowances noted above, for a vacant apartment where the
previous tenant had lived for eight or more years, the landlord shall been
titled to a 0.6 percent increase above the 20 percent vacancy allowance for
each year the previous tenant occupied the apartment. For example, if the
prior tenant was in the apartment for 10 years, the landlord would be
entitled, for a two-year lease, to increase the rent by the 20 percent
vacancy allowance plus an additional 6percent. If the tenant was in
occupancy for 20 years, the increase would be 20 percent plus an additional
12 percent.
D. For
apartments that rent for less than $300 per month in addition to the
vacancy allowances as noted above, the rent would increase by $100 upon
vacancy. In the event the rent for the apartment was $300 to $500, upon
vacancy the landlord would get the vacancy allowances noted above or $100, whichever
is greater.
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