Rent Stabilization is a set of laws that governs many residential tenancies in New York City. Under the Rent Stabilization laws, a landlord is limited as to how much they can charge tenants for rent. The laws also restricts the landlord from evicting tenants or failing to renew their leases except for cause and a few other approved reasons. Rent Stabilization is overseen by an agency called the New York State Division of Housing and Community Renewal (“DHCR”).
Many apartments in NYC are rent stabilized. You may be rent stabilized and not even know if your building has 6 apartments or more and was built before 1974. Co-ops and condos are not typically subject to the rent stabilization law unless the conversion occurred when a rent stabilized tenant was residing in the unit.
Some buildings and/or apartments that are receiving certain tax benefits (J-51 and 421a) become subject to the Rent Stabilization Law as a result of its receipt of the tax benefits or abatements.
Having a rent stabilized lease in NYC can be like hitting the lottery. Unlike in market rate tenancies, rent stabilized tenants are entitled to a renewal lease every year or two years, depending on what the tenant chooses. Landlords of rent stabilized apartments can only evict tenants for non-payment or some type of wrongdoing. The other major benefit is that rent stabilized tenants are entitled to typically small lease increases that are determined each year by the Rent Guidelines Board. If you think you might be covered by the Rent Stabilization law, you should request your rent history from DHCR.
44% of apartments in NYC are rent stabilized. You may be entitled to a rent stabilized lease at a lower rent, a refund of rent and reimbursement of attorney's fees.