RS Basics
A form of rent regulation that sets a legal limit on the amount that can be charged for rent
What is legal rent?
The maximum rent a landlord is entitled to charge
What does AMI stand for?
Area Median Income
What lease terms are legally required to be offered to a resident?
12 month and 24 month
What legal action can a resident initiate it they believe their rent has been illegally increased?
Rent Over Charge
What must be maintained throughout a resident's entire occupancy?
All standards and services
What is preferential rent?
Rent charged by an owner to a tenant that is less than the established legal rent
What is the 421-A program?
Tax incentive program to qualifying new multi family properties
AKA Affordable New York Housing Program
What is early occupancy?
Resident given occupancy prior to lease start date, period is often given as a concession on RS leases.
What type of services can an application for a rent reduction be filed for?
Individual Apartment or Building Wide
Formulating NY State housing policy & monitoring enforcement
How many increases can be taken per year?
1
What is the AMI range for affordable housing units?
30%-130%
How is a resident's renewal rate calculated?
Based on the RGB Guidelines
If a landlord was permanently removing an amenity space from building that Rent Stabilized residents had access to, what steps must be taken to ensure legal compliance?
File a "Reduction of Services" with the DHCR
What is the RGB's primary responsibility?
Setting the yearly rent-rate adjustments or increases of stabilized apartments
How many monthly charges does a tenant paying a preferential rent receive?
2
When can a 421-A surcharge be applied to a rent stabilized lease?
on the anniversary of the first lease start date
What Fees cannot be charged to rent stabilized residents?
Pet Fees
What is the landlord penalty for a rent over charge?
The amount the owner collected above the legal limit, plus interest or treble damages
What period is the Guideline Rent Adjustments applied to?
October 1st through September 30th
If the legal rent is 7,847.92 per month and the tenant pays 4,595.00 per month, what monthly preferential rent credit should be listed under charges?
-3,252.92
How is the amount of the 1st eligible 421-A surcharge calculated?
2.2% of the monthly rent on the initial lease
How is the late fee for a RS resident determined?
No more than $50 or 5% of the monthly rent, which ever is less
Name all the requirements to qualify for succession rights.
Family member that lived their for two years or more, or since the beginning of the tenancy. OR if the person is disabled or 62 or over only a 1 year period.