A clause in the long-awaited Stuy Town settlement offered the complex's overlord, CWCapital, one unusual perk: the power to raise rents in the middle of tenants' leases. Leasing agents promised Stuy Town tenants that such increases were unlikely. But tell Stuy Town something is unlikely and Stuy Town just says mwahahaha. About 1,290 tenants at the complex have been hit with mid-lease rent increases, the Daily News explains, some as high as an extra $1,100/month. (Most hikes range from $100 to more than $900 per month, according to a press release from Stuy Town tenants.) The rent hikes will take effect June 1, and tenants who can't pay will have 60 days to move. UPDATE: CWCapital now says the rent increases will begin July 1 instead.
A whole bunch of politicians have already called on CWCapital to stop the rent increases and wait until leases are up to issue rent hikes. "We are tired of this neighborhood being treated like an ATM machine," said City Council member and Peter Cooper Village resident Dan Garodnick. The situation is certainly reminiscent of the pre-lawsuit days.
· Many tenants in Stuy Town face big rent hikes after a judge's ruling in long-standing court case [NYDN]
· Stuy Town Tenants' New Woe: Potential Mid-Lease Rent Hikes [Curbed]
· Stuy Town coverage [Curbed]