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The agreement provides for rent of $120,000 per year, but all of the rent ($1.2 million) is paid on 12/31/2000.
The 1981 Housing and Vacancy Survey of New York showed that those searching for rent stabilized apartments have lower incomes than those already in them.
More than 25% of renters paid over 50% of their income for rent. Rent controlled tenants paid 33.4% of their income towards rent while rent stabilized tenants paid 28.4% of their income.
This month, the industry is dealing with yet another of the outgrowths of regulation -- the annual Rent Guidelines Board process to determine 2002-03 lease renewal rates for rent stabilized apartments.
Nevertheless, various judges in the courts of New York still are in conflict as to how FDCPA effects non-payment proceedings, particularly since New York State law also requires formal notices to be served upon defaulting tenants, such as the three-day notice of demand for rent as required by Real Property Actions and Proceedings Law (RPAPL), [section]711(2).
These changes relate to: rent demands; non-primary residence "agreements"; acceptance of rent payments; and the statute of limitations for rent overcharges.
The guidelines will be in effect for rent stabilized leases that begin on October 1, 1998.
Equally important is a strict four-year statute of limitations which will end unlimited liability for rent overcharges.