Sentences with phrase «vacancy bonus»
The phrase "vacancy bonus" refers to getting an extra benefit or advantage when there is an empty job position or vacancy in a company or organization. Full definition
Limits landlords to collect only one vacancy bonus per year, reducing the manipulation of leases in order to push units out of the system.
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Another important change this law makes is allowing landlords to collect only one vacancy bonus per year, reducing the manipulation of leases in order to push units out of the system.
He also voiced support to further limit vacancy bonuses and limit surcharges for major capital improvements, among other changes.
He then discussed the law that allows vacancy bonuses, which are increases of up to 20 percent owners of rent stabilized properties can charge when a tenant moves out.
State Senator Jeff Klein, the Bronx lawmaker who leads the IDC, has long been a source of frustration for tenant advocates, partnering with Senate Republicans to block any repeal of so - called vacancy bonuses.
I currently co-sponsor a package of three bills to strengthen tenants» rights including the preservation of preferential rent on the renewal of a lease, taking away vacancy bonuses from unscrupulous landlords and ending vacancy decontrol to keep rent stabilized units available.
«It's a lot of underperforming buildings, where basically landlords want to take advantage of market forces and you have a lot of MCI abuses, vacancy bonus abuses, tenant harassment, and you have landlords who are filing a lot of false instruments in city agencies.
In addition, the bill limits vacancy bonuses — the amount landlords can increase rents between tenants — on apartments that have something known as «preferential rents.»
The reform effort is focusing on two key priorities: Enacting Kavanagh's bill to repealing the «vacancy bonus» landlords receive in increased rents when tenants leave, and reforming the so - called «preferential rent» (AKA «bait - and - switch») provisions that allow landlords to raise rents dramatically after tenants are occupying an apartment.
Owners are eligible for an additional bump, known as a vacancy bonus, if the departing tenant occupied the apartment for at least eight years.
The mayor and his liberal allies hoped to make MCI charges a one - time fee to a tenant, rather than a permanent add - on to the rent, and also wanted to abolish the «vacancy bonus» — which permits a landlord to raise the rent of a stabilized unit by 20 percent if death or relocation leaves it empty.
The to - do list read something like this: close the preferential rent loophole; make rent increases for major capital improvements temporary; reduce the vacancy bonus; limit a building owner's ability to recover a rent - regulated apartment for personal use; and reforming the Rent Guidelines Board.
When a tenant moves into a vacant rent regulated apartment, the landlord is allowed to bump up the allowed rent by 20 percent on a two - year lease, a process commonly referred to as a «vacancy bonus.»
Tenant advocates have long been calling for stronger protections, especially regarding vacancy decontrol and the vacancy bonus, since they believe those factors create strong incentives for landlords to pressure tenants to leave so they can get higher rents.
The state also has not heeded a call to eliminate a «vacancy bonus» that permits a rent increase when residents move out of a stabilized unit.
De Blasio and Gov. Andrew Cuomo have called for a strengthening of the rent laws to include things such as an end to the vacancy bonus and eliminating vacancy decontrol, which allows apartments to become unregulated once the rent reaches $ 2,500.
He also wants to eliminate the 20 percent rent hike — or «vacancy bonus» — that landlords can now impose when someone moves out.