EXPLANATORY STATEMENT - APARTMENT …

1 EXPLANATORY STATEMENT - APARTMENT order #43 EXPLANATORY STATEMENT and Findings of the Rent Guidelines Board In Relation to 2011-12 Lease Increase Allowances for Apartments and Lofts under the Jurisdiction of the Rent Stabilization Law1 Summary of order No. 43 The Rent Guidelines Board (RGB) by order No. 43 has set the following maximum rent increases for leases subject to renewal on or after October 1, 2011 and on or before September 30, 2012 for apartments under its jurisdiction: For a one-year renewal lease commencing on or after October 1, 2011 and on or before September 30, 2012: For a two-year renewal lease commencing on or after October 1, 2011 and on or before September 30, 2012: VACANCY ALLOWANCE The vacancy allowance is now determined by a formula set forth in the State Rent Regulation Reform Act of 1997 and in Chapter 97 of the Laws of 2011, not by the Orders of the Rent Guidelines Board.

1 EXPLANATORY STATEMENT - APARTMENT ORDER #43 Explanatory Statement and Findings of the Rent Guidelines Board In Relation to 2011-12 Lease Increase Allowances for Apartments and Lofts

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