in New York City have just been tweaked a little.
Rent stabilization rules have just been given a wash and a rinse. The details have been bandied about in the local press for the past two weeks, so the renewal and modification of Rent Stabilization rules isn’t much of a surprise to anyone.
Two of the highlights of the new law include:
1. The threshold for deregulating apartments was increased from a monthly rent of $2,000 to $2,500 per month.
2. Under the old law, landlords could pass on 1/40th of the cost of improvement and renovation to new tenant. Now, landlords can only pass on 1/60th of the cost of repairs, thus making it more difficult to purposely price an apartment out of the rent stabilization law.
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