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Landlords still reeling from rent law get bad news

(Credit: New York State Senate)

Landlords who applied for rent hikes via MCI’s before the new rent stabilization law took effect are out of luck. The state’s division of Homes & Community Renewal says applications that were pending at the time the new law went into effect on June 14 must abide by the new policy. 

  • The 35% rule: The new law retains MCI’s in a building that is comprised of 35 percent rent stabilized units. In such a scenario, the legislature also limits annual rent increases to six percent.
  • Absurdity explained: Applying this rule retroactively violates any notion of fairness because applications can take several months or even years to be processed. 
  • Stay tuned: Both landlord and tenant attorneys told TRD to anticipate challenges to this new restriction in court.
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