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Old 05-22-2008, 05:42 PM
 
1 posts, read 1,845 times
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I have rented a storage space for the past few years and in today's mail I received a notice of an increase that amounts to just over 20%...is this allowed by real estate law? I thought that a 7.5% increase per year is allowed up to the maximum rent allowed in terms of rentals in NY...please help! I would like to be able to call them and state the law-like no more than a 12% increase-something like that-is allowed.
Thanks!!!
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Old 05-23-2008, 08:18 AM
 
Location: East Northport
3,351 posts, read 9,767,993 times
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I have never heard of a law like that. You may be thinking of rent controls in NYC.
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Old 05-23-2008, 10:31 AM
 
Location: Huntington, NY
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Long Island doesn't have laws like that....you either have a nice landlord or a -----
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Old 05-23-2008, 11:36 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 33,329,409 times
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If you are talking about a unit in a storage warehouse, I don't think they are bound by laws regarding sale and lease of real property. I think they can charge whatever the market will bear, similar to retail or service businesses.

You might be able to talk them into lowering the increase since you are an existing customer or you may want to shop around and find another storage facility. There are lots of them out there and they often run specials.
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