Landlords of rent-stabilized units are generally not able to increase the rent by more than what is allowed by the Rent Guidelines Board, with typical increases between 0 percent and 4 percent annually.
A 12 percent increase would not be a proper increase, unless there are more circumstances involved, as rent stabilization applies only to individual apartments.
There are exceptions where landlords can charge more, such as completing major capital improvements, but they need to get approval for those rate increases.
It's crucial for tenants to know their rights and understand that a renewal lease must be provided by the landlord between 90 and 150 days before expiration.
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