Posts tagged with "Rent Stabilization"

RENT REGULATION IN NEW YORK CITY

By: Akanksha A. Panicker

An apartment’s unique history determines its legal rent rather than the individual’s ability to pay. This means that tenants in identical apartments may pay exceedingly disparate rent, more so if there is a differentiation between newer tenants and long-term tenants. 

Rent control in New York is a means of limiting the amount of rent charged on dwellings. Rent control and rent stabilization are two programs used in parts of New York State (and other jurisdictions). In addition to controlling rent, the system also prescribes rights and obligations for tenants and landlords.

What is Rent Stabilization?

By: Undisputed Legal/Eviction Service Department

In New York City, apartments are generally under rent stabilization if they are: 

  • In buildings of six or more units built between February 1, 1947 and December 31, 1973; 
  • In buildings built before February 1, 1947, with tenants who moved in after June 30, 1971; 
  • In buildings with three or more apartments constructed or extensively renovated on or after January 1, 1974 with special tax benefits.
    Outside New York City, rent stabilized apartments are generally found in buildings with six or more apartments that were built before January 1, 1974.
    Local Rent Guidelines Boards in New York City, Nassau, Rockland and Westchester counties set maximum rates for rent increases once a year which are effective for one or two year leases beginning on or after October 1 each year. Tenants in rent stabilized apartments are entitled to required essential services and lease renewals on the same terms and conditions as the original lease, and may not be evicted except on grounds allowed by law.