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Of the tenant and the owner. The Rent Stabilization Law gives the new tenant (also called the vacancy lease tenant) the choice of a one- or two-year lease term. The rent the owner may charge for a vacancy lease cannot exceed the last legal regulated rent and the applicable vacancy increases authorized by law. With the lease, a tenant should receive a Rent Stabilization Lease Rider/Addenda that states how the rent was computed and asserts that any increases comply with the Rent Stabilization...
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