- 4.5% increase for a 1-year lease, or
- 8.5% increase for a 2-year lease
While the Legal Aid Society is suing to undo that provision, Legal Aid attorney Ellen Davidson persuaded the state's housing agency, the Division of Housing & Community Renewal (DHCR), that this "alternative" increase does not apply to tenants whose buildings were not in rent stabilization 6 years ago. (Click here for a copy of DHCR's Opinion Letter.) That means we are protected since we entered rent stabilization in January 2005.
Stellar Management has not sought the alternative minimum -- as far as the tenants' association knows. If your lease renewal (for a lease starting any time from Oct. 1, 2008 through Sept. 30, 2009) did ask for that higher amount, please contact the Executive Committee.