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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 118211
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I have been a rent stabilized tenant in my building

Customer Question

I have been a rent stabilized tenant in my building for OVER 35 years. I just got my lease renewal from the new owners of the building. The lease states that the new rent for a two-year renewal is LESS than what I am currently paying. If I sign the lease and the landlord signs the lease, will there ever be a time that I will be held responsible for the monetary difference or possibly Lose my Apartment?
Thank you...
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
No, if you sign your lease for less money, that does not violate the rent stabilization law, which only governs rent increases and those increases cannot be above the annual percentage set by the stabilization board. If you sign for a lesser amount, the landlord is bound to honor that agreement and you are not bound to make up the difference nor lose your apartment as landlord and tenant are free to agree upon rent as long as it does not violate the stabilization law and that agreement is binding on both parties.