Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Wow, this was a wake up call. Sorry to hear this happened to you, NYCengEdu, and wishing you best of luck when the time comes to re-enter the (rent-stabilized) housing market.
You sign a rent stabilized rider like I did two weeks ago when I signed my lease.
i also sign rent stabilization rider, but when i ask the marketing ppl, they said my rent will goes up if we out of the bracket that we assigned for, which is confusing me
Cieru, the answer should be in your lease. With rent-stabilized lottery apartments, there is no income test after you sign the lease. Some developments do require you to decertify annually, but your rent should not go up even if your income has increased out of the bracket.
The whole point of rent stabilization is to ensure that your rent goes up annually only by the percentage okayed by the board, which is appointed by the mayor.
Read your lease. If what the marketing agent said is true in your case, that wording must be in your lease. I think that the marketing agent is incorrect, but your lease should provide the answer.
Cieru, the answer should be in your lease. With rent-stabilized lottery apartments, there is no income test after you sign the lease. Some developments do require you to decertify annually, but your rent should not go up even if your income has increased out of the bracket.
The whole point of rent stabilization is to ensure that your rent goes up annually only by the percentage okayed by the board, which is appointed by the mayor.
Read your lease. If what the marketing agent said is true in your case, that wording must be in your lease. I think that the marketing agent is incorrect, but your lease should provide the answer.
this is what i read on the RIDER TO STANDARD RENT STABILIZATION LEASE.
(v) ONCE A TENANT IS QUALIFIED AS AN ELIGIBLE TENANT THAT TENANT WILL CONTINUE TO BE ENTITLED TO
RESIDE IN HIS OR HER UNIT REGARDLESS OF CHANGES IN HIS OR HER INCOME PURSUANT TO, AND
PROVIDED THAT THE TENANT COMPLIES WITH, THE PROVISIONS OF THE LEASE AND THIS RIDER.
but its still worrying me, since im new to this thing, is there any free legal help about this i can discuss with?
Location: Read the Marketing Handbook, and Income a Guide.
2,007 posts, read 1,626,371 times
Reputation: 479
Quote:
Originally Posted by cieru
this is what i read on the RIDER TO STANDARD RENT STABILIZATION LEASE.
(v) ONCE A TENANT IS QUALIFIED AS AN ELIGIBLE TENANT THAT TENANT WILL CONTINUE TO BE ENTITLED TO
RESIDE IN HIS OR HER UNIT REGARDLESS OF CHANGES IN HIS OR HER INCOME PURSUANT TO, AND
PROVIDED THAT THE TENANT COMPLIES WITH, THE PROVISIONS OF THE LEASE AND THIS RIDER.
but its still worrying me, since im new to this thing, is there any free legal help about this i can discuss with?
Based on what you posted my guess is your own circumstances are not the same as those at Waterside Plaza. Do you have a lease at Waterside Plaza? Understand that the circumstances at Waterside Plaza use a different method to raise rents at renewal. This is legal, but is not typical of new construction lottery buildings.
(Waterside Plaza was built in the early 1970s. My guess is it had special financials for middle income housing, and another guess, the obligation to affordability had some sort of expiration or opt out after so many decades or years. I guess, this legacy enabled some way to escape the typical Rent Stabilization rent increases but required some portion of unit to remain rent regulated but using a method using the HUD AMI%. In recent years this enables much higher rent increases that the Rent Guidelines Board authorized for Rent Stabilization.)
Call 311 to see if they can address your questions, and/or ask for a referral to legal and tenant advice groups. It would be polite to limit your questions with these people to your actual circumstances where you live now, and to places you have a very likely chance of signing a lease. As lease or renewal time becomes near get the relevant info.
i also sign rent stabilization rider, but when i ask the marketing ppl, they said my rent will goes up if we out of the bracket that we assigned for, which is confusing me
This would be due to you entering a higher bracket just like if you fall into a lower one your rent should decrease
This would be due to you entering a higher bracket just like if you fall into a lower one your rent should decrease
This is incorrect.
If the lottery apartment is rent stabilized, after the person signs a lease, the rent does not increase or decrease based on income. It only increases annually by the amount determined by the board.
You could win the real lottery and your rent would not increase.
In limited circumstances, NYCHA rents go up and down depending on income, and so do buildings where residents pay 30% of their income.
But I don’t think we’re talking about those two cases here.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
