Guidelines

What is an MCI rent increase?

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What is an MCI rent increase?

The MCI rent increase is limited to 2\% of your rent that was in effect when the owner filed the application (in the MCI order, DHCR refers to this as the rent roll date) during any 12-month period from the collectible date on the order.

How do I fight increase in rent at MCI?

You have another chance to challenge the MCI when you get your order. You can file a Petition for Administrative Review (PAR), using the form which should be stapled to the order from the DHCR, within 35 days of the issue date on the order. You must use the same arguments that you used in your original answer.

What is MCI abatement?

The application for the Major Capital Improvement (MCI) Abatement is now available online. This abatement will be granted for major capital improvements approved by the New York State Division of Housing and Community Renewal (DHCR) after June 15, 2015.

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What is the CPI rate for 2021 for rent?

The annual rent adjustment maximum is determined annually based on the April CPI as calculated by the California Department of Industrial Relations (DIR) and released in mid-June. The DIR calculated the April 2021 CPI at 4\%.

What is preferential rent?

A preferential rent is a rent an owner agrees to charge that is lower than the legal regulated rent they could lawfully collect. An owner cannot use or enforce any clause in a lease to end a preferential or discounted rent if the tenant fails to pay the preferential or discounted rent on time.

What does periodic rent mean?

A periodic tenancy is a tenancy referring to a specific period, whether that is weekly, monthly, quarterly or yearly. It may also be referred to as a ‘rolling contract’ because it rolls from one period to the next. If the landlord continues to accept this rent; then a periodic tenancy will arise.

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How do I calculate CPI increase for rent?

How to calculate a CPI rental increase

  1. Calculate the difference in CPI figures: for example, 202.1 – 192.9 = 9.2.
  2. Calculate the percentage: (9.2/192.9) X 100 = 4.76\%
  3. Apply this figure to your current rent: (4.76/100) X $400 = $19.04.
  4. Add 20 per cent of the increase: $3.80.
  5. Add $19.04 + $3.80 = $22.84.