Raising rent question for NYC

[Meti Kay]

A relative owns a 4 units non rent stabilized building in one of the 5 Boro's in NYC. There having an issue with a tenant who's leave expired 3 months ago and want to raise the rent (current rent $1650 2 bedrooms huge 1,000 sqft apartment) local rents are in the area of 1800-2000+ They've approached the tenant on a few occasions and the tenant keeps complaining it's too much and they cannot afford it. He already has a waiting list of tenants who are wanting to pay $1800... current tenant paying 1650 and they they want to have it raised to 1725 ($75 increase) they explained r.e taxes, water went up. Tenant does not give a crap. Besides doing the natural route of filing for eviction are there any alternatives then to possibly losing 5-6 months rent?

[Mindy Jensen]

@Meti Kay , basically, your relative has two choices. 

1. Stand firm and raise the rent, declining the next month's rent check for anything less than the new, higher rent. Start the eviction process for non-payment of rent when they do not pay the new amount.

Or...

2. Allow them to continue to pay the lower amount. 

These tenants may not be able to afford it. That is immaterial to your relatives. They own the property, they set the price.

I would love to drive a Ford GT, however they cost $400,000. If I went to Ford and said, "I can't afford the GT at its current price. Sell it to me for $50,000." They'd tell me to pound sand. (There is already a waiting list of people who will happily pay $400,000 for the GT.)

You don't get to set the price if you don't own it.