Court of Appeals Reinstates Low-Rent Supplement

On March 24, 2011, the NYS Court of Appeals ruled that the NYC Rent Guidelines Board (RGB) had the power to impose extra increases on long-term tenants of low-rent apartments. The issue dates back to 2008, when the RGB passed a measure in Orders Nos. 40 and 41 to allow owners of rent-stabilized apartments to raise rents by up to 4.5 percent for one-year leases, and 8.5 percent for two-year leases.

Full Article Access:

Full access to complete articles from New York Apartment Law Insider is for subscribers only.

Not yet ready to subscribe?