Saturday, June 22, 2024

News for Rent-Stabilized and Market-Rate Tenants

Goings-on in the building

There are lots of ways to keep fit and make friends in the building!

·      Tuesdays at 6 PM in the Community Room, join ShapeUp NYC with our own Jodi Brockington, an experienced fitness trainer.   It’s sponsored by the NYC Parks Department. 

·      Wednesdays at 10 AM in the Community Room, do some Tai Ji with seasoned 
trainer Sol Magzamen, who lives down the street.

·      Thursdays at 2 PM in the Community Room, join the Games Group for Trivia, bingo, and other activities.

·      Gardening around the building.  Contact Barbara Geller,

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News for rent-stabilized tenants

The Rent Guidelines Board ordered increases of

·      2.75% for a 1-year lease renewal and

·      5.25% for a 2-year lease renewal

for any lease renewals going into effect from October 1, 2024 through September 30, 2025.  This puts Stellar ahead of the game, since landlords have been getting an increasing return on their investment since 1990.

News for market-rate (unregulated) tenants

Under the Good Cause Eviction law passed in June, Stellar must offer you a renewal lease unless you violated the old lease and

·      as long as your apartment is not part of your employment, and

·      if your current rent Is below $6,005 for 1 BR, $6,742 for a 2 BR, $8,413 for a 3 BR, or $9,065 for a 4 BR apartment.

The rent increase can’t exceed the lower of the Consumer Price Index + 5% (this year it comes to 8.82%) or 10%.  

This bill is a watered-down version of what tenants have been working for, so the law could improve with more tenant action in the coming year or two.

We had a great Pot Luck in May, and our next meeting will be Sept. 18, 2024.