XN000022-1983-12-18 — Page 8

ARTICLES OF APPAREL

AND CLOTHING ACCESSORIES

PHOTOGRAPHIC

APPARATUS, EQUIP-

7

SUNDAY, DECEMBER 18, 1983

3 638

2 439

+1 198

+49

MENT. SUPPLIES

AND OPTICAL

GOODS, WATCHES

AND CLOCKS

3 377

2 559

817

+32

MISCELLANEOUS

MANUFACTURED

ARTICLES

2 490

1 896

594

+31

NON-METALLIC

MINERAL MANUFACTURES

2 091

2 108

18

+MODIFIED FACTOR+ RENT SYSTEM STARTS

***

AS FROM TOMORROW (MONDAY), THE MODIFIED FACTOR SYSTEM+ REGULATING RENT INCREASES BECOMES OPERATIVE AND DOMESTIC TENANCIES OF PREMISES WITH A RATEABLE VALUE OF $50 000 AND ABOVE ARE EXCLUDED FROM PART 1 OF THE LANDLORD AND TENANT (CONSOLIDATION) ORDINANCE.

THESE AMENDMENTS WERE ENACTED IN JUNE THIS YEAR AND COME INTO EFFECT ON DECEMBER 19, A SPOKESMAN FOR THE RATING AND VALUATION DEPARTMENT EXPLAINED TODAY.

HE SAID THAT PRIOR TO DECEMBER 19, THE PERMITTED INCREASE IN RENT, DETERMINED BY THE FACTOR SYSTEM, IS HALF OF THE DIFFERENCE BETWEEN THE PREVAILING MARKET RENT AND THE CURRENT RENT, LIMITED TO 30 PER CENT OF THE CURRENT RENT.

THIS SYSTEM IS NOW MODIFIED TO THE EFFECT THAT ANY INCREASE IN RENT SO CALCULATED SHOULD RESULT IN A NEW RENT OF NOT LESS THAN 30 PER CENT OF THE PREVAILING MARKET RENT. FOR EXAMPLE, IF THE PREVAILING MARKET RENT OF A FLAT IS $5 000 AND THE CURRENT RENT $1 000, THE INCREASE DETERMINED BY THE FACTOR SYSTEM WOULD BE LIMITED TO 30 PER CENT OF $1 000, THAT IS, $300. UNDER THE MODIFIED SYSTEM, THE PERMITTED INCREASE IN THIS EXAMPLE WOULD BE $500 WHICH IS THE AMOUNT NECESSARY TO BRING THE CURRENT RENT ($1 000) UP TO 30 PER CENT OF THE PREVAILING MARKET RENT ($1 500).

THE MODIFICATION WILL AFFECT ONLY ABOUT FIVE PER CENT OF PROTECTED TENANCIES, BEING THOSE WHERE THE TENANTS ARE PAYING RELATIVELY LOW RENTS. THE SPOKESMAN POINTED OUT THAT APPLICATIONS FOR A CERTIFICATE OF RENT INCREASE RECEIVED BY THE DEPARTMENT BEFORE DECEMBER 19 WILL NOT BE AFFECTED.

THE SPOKESMAN