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The initial rent was $309 a month.
The initial rent was $1.8 million per year.
The council will cover the initial rent shortfall.
The system applies regardless of the level of the initial rent.
The initial rent is $65 a square foot a year, well below the hundreds of dollars a square foot commanded in prime retail locations in Manhattan.
Under the law, the landlord can show rents for comparable apartments to justify the establishment of the initial rent under stabilization laws.
Similar(43)
The initial rents, however, are set at market rates.
Before rent caps were enforced, landlords were able to set initial rents at whatever they wanted.
In period 2 initial rents are revealed, and land may be resold.
Mr. Davis said the regulated rent levels would be based on the initial rents.
Many European countries manage more calibrated systems in which landlords set initial rents but cannot increase them arbitrarily.
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