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Ents in New York City The Rent Stabilization Law provides two alternate methods for a tenant to collect rent overcharge penalties from an owner. A tenant may begin to use either one of these methods only after the New York State Division of Housing and Community Renewal (DHCR) issues a final order establishing the legal regulated rent and determining a penalty. The penalty for a rent overcharge is the amount an owner collected above the legal regulated rent, plus accrued interest. For a complain.

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Using RGB survey data from 2021, we calculated that the average stabilized rent in 2023 citywide was $1,555, with average expenses, excluding the cost of debt, rising to 77% of rent in some cases, which is the highest in 14 years.

Specifically, each year the NYC Rent Guideline Board sets a cap on how much a landlord may increase your rent annually. In June of 2023, the board set a 2.75% increase for one-year lease agreements and a 3.20% increase for a two-year lease agreement.

In particular, because of the tax benefit, rental apartments are often subject to rent stabilization, usually also only for a certain time period. This section of the law is enacted for a few years at a time and then expires, unless renewed.

The penalty for a rent overcharge is the amount an owner collected above the legal regulated rent, plus either accrued interest or treble damages, as appropriate.

About 250,000 households in New York have a "preferential" rent, meaning that they are paying less than the landlord is legally allowed to charge.

For a two-year lease beginning on or after October 1, 2023, and on or before September 30, 2024: For the first year of the lease: 2.75% For the second year of the lease: 3.20% of the amount lawfully charged in the first year, excluding any increases other than the first-year guideline increase.

For a two-year lease commencing on or after October 1, 2023 and on or before September 30, 2024: For the first year of the lease, 2.75%; and. For the second year of the lease, 3.20% of the amount lawfully charged in the first year, excluding any increases other than the first-year guideline increase.

Overview. Owners of rent stabilized apartments may legally increase the rent in several ways, including lease guideline increases, Major Capital Improvement (MCI), and Individual Apartment Improvement (IAI) increases.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232