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NYC only, please: Ever gotten an offer from a landlord to move out of a rent-stabilized apartment?
I'm curious about the M.C.I. (Major Capital Improvement) increase. Please, please don't answer if you don't know what I'm talking about. I've read up on the city housing websites; what I'm wondering is whether you've had a personal experience with a landlord offering money to get you out so that s/he can charge the market value of the apartment. I've been in mine for 18 years & am not keen on going.
Thanks for the info.
1 Answer
- 1 decade agoFavorite Answer
Usually this is offerred to tenants in a rent controlled building as an incentive for them to move. The building once empty can be sold without problems for the owner.
MCI should be listed in your rental agreement and denotes that owners can increase the rent ? % (as outlined) because they are making major inprovements to your building. If you are rent controlled this is the only real way to raise the rent. It should be noted that the
MCI increase + your current stabilized rent may be a lot lower than comparative apartments in NYC. You should first establish the increase amount before making an informed decision.
