<human>: Just like the title says, my landlord claims to have the right to increase my rent with a 30 day notice, but I have to give 60 day notice to vacate. 

When I first signed my lease a ear ago, I was given a discounted rate because of our low income. Now that  the time has come to resign a lease (they only do 12-month) they have decided that they can increase my rent by about $300 a month. I definitely can't afford that and I'm afraid of being locked in for another 12 months.

They're waiting for another low income apartment in my building to vacate first before they raise my rent. Then they shall give me a 30-day notice for a rent increase, and then I will have to sign a new 12-month lease. Until then, I'm in a hold over lease. 

Does this sound like a legally correct procedure? I only ask because I can't find anything anywhere else on the Internet on the matter.

Can you succinctly summarize the text in 1-3 sentences?
<bot>: My landlord can give me 30-days notice to increase my rent and lock me into another 12-month lease, but I have to give 60-days notice to vacate?