Rent Increases for existing tenants

[Brick Biermann]

I have a 4 unit property located in Jersey City Heights, NJ with all units currently occupied and 3 of them renting under market rate. All 3 units have their lease expiring later this year. 

As I understand it, Jersey City has an ordinance for non-owner occupied properties with less than 5 units cannot increase the rent to an "unconscionable" level. My question is, would raising the rents to market rate be considered "unconscionable" even if those increases could be over 10-15% in some of cases?

[Henry T.]

5 billion might be over the top, but getting market rate is in the job description. Unless, you wanna play Santa Claus and give your place away.