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 Rent
Law of 2003 :
A June, 2003 amendment to various rent laws, passed by
the NYS Legislature and signed by the Governor. It will remain in effect
until June 15, 2011.
Three major changes were put into effect with passage of this bill:
1) Limits the ability of NYC to pass laws concerning
rent regulatory issues controlled by the State;
2) Allows for the deregulation of an apartment upon
vacancy if the legal regulated rent may be raised above $2000, even if
the new tenant is not actually charged an amount above $2000;
3) Permits an owner, upon renewal, to increase a rent
stabilized tenant's rent to the maximum legal regulated rent, regardless
of whether a tenant has been paying a preferential rent.
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