Property Management
Under New York's rent stabilization laws, a landlord's right to increase a stabilized tenant's rent is limited to:
AAny amount, as long as it doesn't exceed 10% per year
BThe percentage increase authorized by the applicable Rent Guidelines Board (RGB) for lease renewals✓ Correct
CThe consumer price index (CPI) increase, plus 2%
DMarket rate, as long as the tenant has lived there for fewer than 5 years
Explanation
For rent-stabilized apartments in NYC, allowable rent increases for lease renewals are set each year by the NYC Rent Guidelines Board (RGB). Landlords may only charge the RGB-approved increases on renewals. The RGB sets separate rates for one-year and two-year leases.
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