About 1,290 tenants at Stuy Town were hit with mid-lease rent hikes, allowed under an unusual clause in the complex's legal settlement. The notices were sent out in May, with the increases to take effect July 1?but at the last minute, some of those 1,290 tenants have received a reprieve. Tenants who were told by leasing agents that the rent increases would not take effect for them won't have to pay the higher rents, according to a letter from CompassRock Real Estate spotted by Town & Village. (Here's the full letter as a PDF.) Tenants wishing to be exempt must submit affidavits by June 30 and pass along anything they have in writing about the increases. But tenants who received only verbal promises that their rents wouldn't go up can apply, too?though "there does need to be some description" of what the tenants were told, according to the attorney general's office.
Tenants who are facing rent hikes but would prefer to avoid all this affidavit business still have the option to just move out. Those tenants must notify CompassRock of their plans to leave by July 1 and must be out by August 1; otherwise, rent increases will kick in.
· Mid-lease increases to be reversed in cases of misrepresentation [Town & Village]
· Mid-Lease Rent Hikes Have Come for Beleaguered Stuy Town [Curbed]
· Stuy Town coverage [Curbed]