Maximum Base Rent
In New York City, the maximum base rent (MBR) is calculated to ensure the rent from rent control units covers the cost of building maintenance and improvements. As set up in the New York City Local Law 30 of 1970, the formula reflects real estate taxes, water and sewer charges, operating and maintenance expenses, return on capital value and vacancy and collection loss allowance. The MBR is updated every two years to reflect changes in these expenses. The owner if not already, must apply for the maximum base rent system for the tenants, prior to the MBR rents were annually determined by the city/state which developed its own set of regulations.
Read more about this topic: Rent Control In New York, Rent Control, Terms
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