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If the building is rent-stabilized, as the vast majority of lottery apartments are, you would be protected from drastic increases.
If the building is using a system that tracks increases (and decreases) in the AMI from year to you, I guess that is more volatile.
It should all be spelled out in the lease.
Buildings themselves are not rent stabilized, only individual units.
There are many multi-family properties with units that are and are not rent stabilized. Absent other agreements with city or state market rate units are not affected by RS apartments in same building.
In forty some odd years unless units are "permanently affordable" or otherwise controlled by different agreements rent stabilized lottery apartments will become market rate upon vacancy.
The only time saw something like this is when a tenet has preferential rent or a month or two free, which gets pro-rated, lowering the monthly rent. That only last a year. Then during the renewal, the rent price goes back up to the real price.
A lot of people ended up with these deals during Covid when buildings were empty. As a result they were shocked to find out their $2500 apartments are really $3k+. I got a few emails from lottery places offering two months free or discounts during height of covid but it was obvious that deal was only for one year and we’d better be able to afford the price the next year and not in perpetuity.
There definitely should have been something on the first page of your lease showing the real rate vs your preferential rate.
Preferential rents were changed by the most recent law passed n Albany. In rent-stabilized apartments, the preferential rent now lasts the entire time the person lives there. It used to be that it lasted only until the lease expired. Now, it can’t be raised until the person moves out.
It is still legal to get one or two months rent “free.” I think in that case, the tenant understands that it’s a special deal and when it’s up, it’s up.
I'm living in a market rate unit and just got the email from the landlord. They increased the rent $700 ugh... I should go on apartment hunting pretty soon... This is insane.
Oh boy! That sucks! I thought you already got that lottery unit in Sunnyside. I hope you will get something very very soon!
Quote:
Originally Posted by lenoxhill_cat
I'm living in a market rate unit and just got the email from the landlord. They increased the rent $700 ugh... I should go on apartment hunting pretty soon... This is insane.
Oh boy! That sucks! I thought you already got that lottery unit in Sunnyside. I hope you will get something very very soon!
Oh hey!! Nah I didn't get any following emails from them I know it sucks... I'm thinking to find a roommate or something, so I don't have to worry about breaking lease stuff. I believe we're going to win a lottery at some point. NYC rent is just crazy.
Or perhaps you would want to explore a rent-stabilized apartment availability on StreetEasy? I know they may not be a brand new shinny building with lots of amenities like the ones on the Housing Connect but at least you will get one of these RS apartments faster with much less hassle.
Here's the link if you're interested to check out & good luck!
Oh hey!! Nah I didn't get any following emails from them I know it sucks... I'm thinking to find a roommate or something, so I don't have to worry about breaking lease stuff. I believe we're going to win a lottery at some point. NYC rent is just crazy.
Or perhaps you would want to explore a rent-stabilized apartment availability on StreetEasy? I know they may not be a brand new shinny building with lots of amenities like the ones on the Housing Connect but at least you will get one of these RS apartments faster with much less hassle.
Here's the link if you're interested to check out & good luck!
Awww thanks Yeah I don't mind living in the old apartment as long as it's located in a safe area. Wish there were more "affordable" apartments in Housing Connect and so do in the city... ugh god bless me
As the OP alluded, HUD rent stabilized apartments are not the same as 421a stabilized apartments. I think one of the older StuyTown lotteries was HUD as a friend of mine has one and mentioned this fact.
Yes, I believe you are correct about a previous Stuy Town lottery being under AMI rules. But the current one is rent-stabilized.
Last edited by macnyc2003; 08-04-2022 at 09:06 AM..
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ugh... I should go on apartment hunting pretty soon... This is insane.
I know it sucks... I'm thinking to find a roommate or something, so I don't have to worry about breaking lease stuff. I believe we're going to win a lottery at some point. NYC rent is just crazy.
Yeah I don't mind living in the old apartment as long as it's located in a safe area. Wish there were more "affordable" apartments in Housing Connect and so do in the city... ugh god bless me 
