Anyone familiar w/ NYC MF who could explain how this works? My group doesn't do much in NYC and I just got this deal sent to me a few hours ago. My understanding is that tenant's receive a right to renew and the LL can't re-lease at a rate that represents a percentage increase greater than that prescribed by the city gov.
The issue that I'm having is finding anything on the city's website that gives a schedule for allowable rental increases. Could anyone point me in the direction of where to find this info? We have close quickly on this one, so it'd be ideal if I could get the model banged out tonight rather than waiting for the start of business tomorrow to call the city and figure out where this info is.
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