Section 286(2) of the Loft Law states that the rent charged should be the same rent, including escalations, stated in the last lease or rental agreement if the lease or rental agreement remains in effect. If the lease or rental agreement is not in effect or there is no lease or rental agreement, the rent is the rent most recently paid and accepted by the owner. Tenants are urged to consult an attorney if they have questions about paying rent.
After the Owner legalizes the IMD spaces by obtaining a Certificate of Occupancy and the Loft Board issues an order, the Owner must offer the protected occupant a rent-regulated lease subject to the Emergency Tenant Protection Act of 1974.
In addition, a protected occupant has the right to advise the Owner of all other people living in the unit.
See 29 RCNY § 2-08.1 for more information,.
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