Robert owns a rent-stabilized building in Brooklyn and wants to make major capital improvements (MCIs) to upgrade the heating system and roof. He plans to apply for a rent increase to recover these costs. Under New York's rent stabilization laws, what is the maximum percentage by which Robert can increase each tenant's rent annually for approved MCIs?
Correct Answer
C) 2% per year for a maximum of 30 years
Under New York's rent stabilization laws, Major Capital Improvement (MCI) rent increases are limited to 2% of the tenant's rent per year, and the total increase is collected over a maximum period of 30 years. This limitation was implemented to prevent excessive rent burdens on tenants while allowing landlords to recover legitimate improvement costs.
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A real estate broker in New York City is asked to explain the difference between rent-controlled and rent-stabilized apartments. Which statement correctly describes rent-controlled apartments in NYC?
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Jennifer is a tenant in a rent-stabilized apartment in Manhattan. Her landlord has offered her $50,000 to voluntarily vacate the apartment so it can be renovated and rented at market rate. Jennifer asks her attorney about the legal implications. Under New York law, what is the most significant legal protection Jennifer has regarding this buyout offer?