The New Rent Law Rules are Announced!

Apartments for

Rent stabilized in NYC

in New York City have just been tweaked a little.

Rent stabilization rules have just been given a wash and a rinse. The details have been bandied about in the local press for the past two weeks, so the renewal and modification of Rent Stabilization rules isn’t much of a surprise to anyone.

Two of the highlights of the new law include:

1. The threshold for deregulating apartments was increased from a monthly rent of $2,000 to $2,500 per month.

2. Under the old law, landlords could pass on 1/40th of the cost of improvement and renovation to new tenant. Now, landlords can only pass on 1/60th of the cost of repairs, thus making it more difficult to purposely price an apartment out of the rent stabilization law.

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Written by Lorenzo

Lorenzo has been hanging around the RDNY.com office for the past 20 years, and, in the process, has become the president of RDNY.com, Rent-Direct.com, and Acmelistings.com. His mission is to build RDNY.com into New York's largest no fee apartment rental service. Before RDNY.com, Lorenzo was a Regional Sales Manager for Time Equities, Inc., one of New York's largest converters of rental buildings to coops and condos. Lorenzo was once a part owner of Swift & Watson Real Estate in NYC's Greenwich Village.

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