A renter who lives alone in a rent stabilized apartment in New York City moves out, leaving the apartment empty.
What can the landlord charge a new tenant?
I’ve asked his question of a number of people. Most have answered–I suspect correctly–that the landlord can ask market price or even more–whatever the landlord wishes.
However, a large minority answered that the landlord can raise the rent only twenty percent. (Let’s assume that the building is not co-op, so the landlord can’t sell the apartment.)
While I suspect that the twenty percent answer is incorrect, the fact that so many people gave the same twenty percent answer probably means that hte twenty percent did or does apply to something.
Anyone know what it is?