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Lottery apartments are rent-stabilized ones, your landlord can't raise the rent beyond what's regulated by the RGB & they vote how many percent for the increase annually.
First, make sure to check your lease to see whether your apartment is a rent-stabilized unit & if so, when is your lease renewal due? If it's between 1 October 2021 & 30 September 2022 then your rent increase should be 1.5% for one year renewal & 2.5% for two year renewal. If your lease is due for renewal after 30 September 2022 then your rent increase will be 3.25% for one year & 5% for two years.
If the increase is beyond those percentages & if you're for sure your unit is a lottery rent stabilized apartment, not the market rate one, you may want to report that to HPD/HDC.
Yea that’s the percentage , they’re following RGB. I’m just shocked they voted to raise it on us.
Dang, is 5 days even enough time to gather all of the extra docs? BTW, are you guys self-employed? Wondering if that's a factor in the amount of additional docs requested
What an excruciating process... @amp27 - over a month since you've submitted the second round of docs with no updates?! Hope we all hear back soon!!
No, regular 9-5. Never been self employed. my income is VERY straight forward and clearly documented. The only slight twist is decent retirement accounts/brokrage accounts but I would assume others have much more considering I'm in my 30s. All of the docs are easy to get together they just want a lot of things, more than any lottery I've seen. They also have 7-8 additional documents to fill out. More time consuming than hard and I could see someone missing something and getting denied because of it. So far the office has been super responsive with questions, I'm talking an answer in an hr or two if I email.
Random Question for those that moved in. Is there a decent community workspace type area? My current building has a dope common area to work from that I often utilize since I work from home 2-3 days a week. I got a really good deal at a Covid rate but my lease is up in October, this could be great timing for me.
No, regular 9-5. Never been self employed. my income is VERY straight forward and clearly documented. The only slight twist is decent retirement accounts/brokrage accounts but I would assume others have much more considering I'm in my 30s. All of the docs are easy to get together they just want a lot of things, more than any lottery I've seen. They also have 7-8 additional documents to fill out. More time consuming than hard and I could see someone missing something and getting denied because of it. So far the office has been super responsive with questions, I'm talking an answer in an hr or two if I email.
Random Question for those that moved in. Is there a decent community workspace type area? My current building has a dope common area to work from that I often utilize since I work from home 2-3 days a week. I got a really good deal at a Covid rate but my lease is up in October, this could be great timing for me.
Yeah I saw it on their website. They even have a virtual tour of the work area, library, gym, etc if u wana take a look. Only one I didn’t see was for the pool
From what I’m seeing on this thread it seems they’re requesting docs ahead of time but still reviewing lower log #s. I’m guessing even though they’ve requested docs from ppl they are not ready to review right away which is what’s causing the long turnaround.
When did you submit your initial docs? Trying to figure out how long it'll take for me to hear back from them..
Curious, has anyone gotten through without submitting a second round of documentation?
I submitted my first round of docs on 3 June 2022. I am not self-employed, but I am required by the IRS to file as self-employed. My tax situation is uncommon, but not complicated at all. I get a salary, but since my employer doesn't withhold payroll taxes, I pay my taxes quarterly. My NYS and IRS returns are filed without issue every year, prepared by a CPA. There's nothing to look sideways at. I have no unusual income or deposits (even though they're making me explain a $50 Zelle deposit from my bestie from January when we split a dinner bill. )
Last edited by AnxietyBiscuits; 07-22-2022 at 05:48 PM..
Reason: corrected spelling of split
I submitted my first round of docs on 3 June 2022. I am not self-employed, but I am required by the IRS to file as self-employed. My tax situation is uncommon, but not complicated at all. I get a salary, but since my employer doesn't withhold payroll taxes, I pay my taxes quarterly. My NYS and IRS returns are filed without issue every year, prepared by a CPA. There's nothing to look sideways at. I have no unusual income or deposits (even though they're making me explain a $50 Zelle deposit from my bestie from January when we split a dinner bill. )
A one time $50 deposit? I thought they were not supposed to count non recurring deposits as income?
A one time $50 deposit? I thought they were not supposed to count non recurring deposits as income?
Yup. That's what I thought too. And I only accidentally included that particular month of checking account transactions or else it wouldn't have been an issue.
Also, my initial document upload was 13 items, the standard fare. This second round will be 22 pdfs amounting to 10.6MB, and I optimized every pdf for size.
EDITED TO ADD: I was approved a year ago for an apartment in 5 Pointz, but I ultimately couldn't afford the one they were offering me. I did NOT have to submit this amount of documentation for that lottery. Seems like the SVEN project is being run by forensic accountants.
Update - I just heard back from the case agent and selected my floor plan and then they said they’re going to do a final review before they send to HPD. Yay! Fingers crossed!
Also, it does look like there are still some $2345 one bedrooms left though!
Good luck!! Hopefully this part goes smooth for u! Great to know there’s some 2345’s left!
Do you mind sharing which floor plan you chose ?
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Hope we all hear back soon!!
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