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Old 07-24-2019, 12:49 AM
 
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I live in a 1K a month studio which I pay " preferential rent" in. This is not a rent stabilized apt as far as I'm concerned... Does that mean my rent at least renewal ( May 2019) will only be 35$ ?
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Old 07-24-2019, 01:48 AM
 
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this makes no sense ... preferential rent can only apply to stabilized apartments .

Last edited by mathjak107; 07-24-2019 at 02:12 AM..
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Old 07-24-2019, 10:01 AM
 
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Get the RGB report on your apartment. As Mathjak said, your unit is likely stabilized.
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Old 07-24-2019, 12:45 PM
 
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ok so granting that it is a rent stabilzed apt... will the new lease inly increase by 35$ ?
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Old 07-24-2019, 03:48 PM
 
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Now maybe yes. Originally LL gave preferential rents because the full stabilized rent was more than market. So they gave a discount. Previous to the newly passed rent regulations, on any renewal lease, the preferential rent could be revoked, and the rent could go back up to the full regulated rent. IIRC, the new law makes any preferential rent the full stabilized rent.
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Old 07-24-2019, 06:07 PM
 
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Quote:
Originally Posted by mathjak107 View Post
this makes no sense ... preferential rent can only apply to stabilized apartments .
No, any rent can be preferential, I think. It just means you get a discount.

Popfizz, I wouldn't count on anything. I'm guessing that "preferential" can be withdrawn at any time.
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Old 07-24-2019, 06:34 PM
 
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Quote:
Originally Posted by Popfizz View Post
I live in a 1K a month studio which I pay " preferential rent" in. This is not a rent stabilized apt as far as I'm concerned... Does that mean my rent at least renewal ( May 2019) will only be 35$ ?

*If* your apartment is RS, then the preferential rent is now the new legal rent, though there is some debate about matters.


https://gothamist.com/2019/07/23/pre..._landlords.php

https://therealdeal.com/2019/07/19/w...or-rent-hikes/

OTOH market rate apartments are not covered by RS laws so you are on your own.
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Old 07-25-2019, 01:47 AM
 
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Quote:
Originally Posted by Cida View Post
No, any rent can be preferential, I think. It just means you get a discount.

Popfizz, I wouldn't count on anything. I'm guessing that "preferential" can be withdrawn at any time.
the term refers to stabilized apartments when we use it here in nyc ... true it means a discount but we don't use it for any other purpose for the most part in nyc . .
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Old 07-25-2019, 09:01 PM
 
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Quote:
Originally Posted by BugsyPal View Post
*If* your apartment is RS, then the preferential rent is now the new legal rent, though there is some debate about matters.


https://gothamist.com/2019/07/23/pre..._landlords.php

https://therealdeal.com/2019/07/19/w...or-rent-hikes/

OTOH market rate apartments are not covered by RS laws so you are on your own.
Not True, I lived in a RS apartment and had preferential rent. The next increase it went up the voted 4% from the actual rent not the preferential rent whickh I got.
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Old 07-26-2019, 01:20 AM
 
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Quote:
Originally Posted by livingsinglenyc View Post
Not True, I lived in a RS apartment and had preferential rent. The next increase it went up the voted 4% from the actual rent not the preferential rent whickh I got.
the law was just changed .. it used to be if you had a preferential rent the landlord could not only set it back to the full legal allowed rent but any yearly voted increase would be added on top .

now the preferential rent is the allowable max rent and only the voted increases can be added
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