Rent stabilization has been in effect in New York city in one form or another since 1943. With over 1 million rent-stabilized units in the city today, and recent controversial legislation affecting rent-regulation, rent control is still a hot topic in the country’s most densly populated city.
For those of us who are not New York city natives and don’t live in a state or city that allows rent control, it can be a tricky subject to understand. Essentially, rent stabilization protects tenants from steep rent increases and allows them the option to renew their lease; rent stabilization does allow for regulated percentage increases, which can change from year to year and is set by the The Rent Guidelines Board.
According to the NYC Rent Guidelines board, rent stabilization differs slightly from rent control in that rent controlled apartments, “apply to residential buildings constructed before February 1947 in municipalities that have not declared an end to the postwar rental housing emergency…For an apartment to be under rent control, the tenant (or their lawfyl successor such as a family member, spouse, or adult lifetime partner) must have been living in that apartment continuously since before July 1, 1971.”
What does rent stabilization control mean for property managers in the city? According to an article by Jeremy Peters in the New York Times, many landlords and the Rent Stabilization Association are unhappy about new legislation.
At Property Management Nation, we’re interested to know your thoughts. How do you feel about rent stabilization?
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