What is rent stabilization in New York City?

A vast portion of the housing throughout New York City are rental properties. These can include rental homes, apartments, lofts, or townhouses. Within the boroughs, there is what is known as rent stabilization. This law protects tenants from steep increases in the cost of rent. In addition, these tenants have the right to renew their leases once they are set to end. The Rent Guidelines Board

The Rent Guidelines Board controls rent guidelines for the apartments and lofts covered under the Rent Stabilization Law of 1969. When a tenant renews their lease for one year, they will not be permitted to raise the rent at all. If there is a two-year lease renewal, the landlord is only permitted to increase the cost of rent by 2-percent. These adjustments are only valid for those leases that commence between October 1, 2016, and September 30, 2017.

Some people may not be sure if their rights are protected under the rent stabilization law. For the most part, the law applies to apartment buildings within New York City that were built before February 1, 1947, with tenants that moved into the unit after June 30, 1971, or in buildings that have a minimum of 6 units and were built between February 1947 and December 1973. However, for those apartment buildings outside of New York City, buildings that have a minimum of six units and were built prior to 1974. Of course, it is important to check with your landlord or with the city to determine if your apartment falls under rent stabilization laws.

Tenants who live in rent stabilized apartments should be aware of their rights. If you believe your rent has been raised unlawfully, contact an experienced attorney today.

If you require experienced legal representation for any of your real estate, bankruptcy or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.