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Old Yesterday, 01:05 PM
 
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According to the new law passed recently landlords will now be only be able to raise rents (on rent stabilized & controlled apts.) by 2% a year to help pay for MCI renovations and those increases can only be for 30 years.

So does that mean tenants will see a reduction in their rents for MCIs increases that were passed over 30 years ago or is that only for MCIs that take effect after the new law was passed?
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Old Yesterday, 01:10 PM
 
1,181 posts, read 324,328 times
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Quote:
Originally Posted by Chava61 View Post
According to the new law passed recently landlords will now be only be able to raise rents (on rent stabilized & controlled apts.) by 2% a year to help pay for MCI renovations and those increases can only be for 30 years.

So does that mean tenants will see a reduction in their rents for MCIs increases that were passed over 30 years ago or is that only for MCIs that take effect after the new law was passed?
It's a happy medium between the 2.
Any MCI passed before July 2012 is not effected, while MCI's approved from July 2012 fall under the new law.
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Old Today, 06:05 AM
 
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Originally Posted by Sactown4 View Post
It's a happy medium between the 2.
Any MCI passed before July 2012 is not effected, while MCI's approved from July 2012 fall under the new law.
So MCIs approved after July 2012 and were more than 2% (in a year) will they be reduced or the tenant get a refund?
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Old Today, 08:05 AM
 
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My understanding is that rents might be reduced to reflect the 2% cap. This would happen at your next lease renewal, and it's unlikely that your (or any) landlord will abide by the law, and lower the rent without the tenant kicking up a fuss.

Refunds would be taking it too far, and the landlord groups would actually be able to cry foul without coming across as stupid babies like they typically do.
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Old Today, 08:33 AM
 
32,552 posts, read 33,402,572 times
Reputation: 15159
Quote:
Originally Posted by Sactown4 View Post
My understanding is that rents might be reduced to reflect the 2% cap. This would happen at your next lease renewal, and it's unlikely that your (or any) landlord will abide by the law, and lower the rent without the tenant kicking up a fuss.

Refunds would be taking it too far, and the landlord groups would actually be able to cry foul without coming across as stupid babies like they typically do.
Good to know what to look out for at the next lease renewal. There was a changeover of landlord just a few years ago and the new landlord keep doing upgrades with MCIs. So it might be relevant in my building.
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Old Today, 09:02 AM
 
Location: Eric Forman's basement
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We get so many MCIs in my complex, it's a crying shame. For years now, we have been basically paying for whatever the landlord wants to do, with no input whatsoever.

Thirty years is still too long to be paying for these improvements, though, in my opinion!
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Old Today, 01:30 PM
 
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Originally Posted by macnyc2003 View Post
We get so many MCIs in my complex, it's a crying shame. For years now, we have been basically paying for whatever the landlord wants to do, with no input whatsoever.

Thirty years is still too long to be paying for these improvements, though, in my opinion!

You won't have to worry anymore as the days of landlord improvements are over.
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Old Today, 01:46 PM
 
Location: Eric Forman's basement
2,051 posts, read 2,205,615 times
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I doubt that. The entire cost of the MCI can still be added to rents. The cost goes on more slowly, at 2% a year rather than 6%, but the whole amount eventually is added to the rent, and remains there for 30 years.

How is this much better for tenants? What am I missing?

Now, if you're talking about IAIs, yes, those will be curtailed.
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