Property Management
New York's 'preferential rent' tenant protection enacted in 2019 means that landlords of rent-stabilized units who had been charging a preferential rent:
ACan immediately raise the rent to the legal regulated rent upon lease renewal
BMust generally continue to renew leases at the preferential rent and cannot revert to the higher legal rent while the tenant remains✓ Correct
CCan raise the rent by 20% upon renewal
DAre exempt from rent stabilization guidelines
Explanation
Under the 2019 Housing Stability and Tenant Protection Act, landlords of rent-stabilized units who charge a preferential rent generally must continue to renew leases at that preferential rent and cannot revert to the higher legal regulated rent while the same tenant remains in occupancy.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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