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Key points for New Yorkers concerned about rent increases

On Behalf of | Jun 30, 2022 | Landlord/Tenant Matters

In New York City, people who rent an apartment are often relieved when they find one that is rent-controlled or rent-stabilized. On the other hand, landlords may lament the intermittent nature of when they can alter what they charge based on the law. From both perspectives, it is important to remember certain key facts about these issues. This is true whether there is a dispute or simple questions as to how to proceed. When there are legal issues to navigate, it is essential to have experienced assistance that will fight for a person’s rights.

Rent-controlled and rent-stabilized are not the same

Statistically, only slightly more than 16,000 New York apartments are rent-controlled while just over one million are rent-stabilized. Rent-controlled apartments must have had a tenant or family member living there since at least July 1971. The building is required to have been constructed prior to 1947.

With rent-controlled units, there is often one family member passing it to another family member. If the apartment is ever vacated, then the landlord can raise the rent as it will no longer be controlled. A parent passing the apartment to a child would be an example of how a rent-controlled apartment would maintain that status and people who live there would benefit from it. The rent can be adjusted every two years.

Rent stabilization is for buildings that were constructed between 1947 and 1974 and the unit was leased after June 1971. Buildings that were constructed after that could also be subject to rent stabilization if they received tax breaks for units that were priced at a certain level.

The rents are overseen by the Rent Guidelines Board. It decides how much landlords can raise the rent on these units. The members of the board vary with two each for landlords and tenants and the remaining five people understanding the relevant concerns with housing and finance.

Rents and availability are a prominent topic and legal help might be needed

These facts are more crucial now that there is set to be an increase in rent for people who have a rent-stabilized apartment. When people are fearful about how to address problems with their landlord or a landlord is dealing with challenges related to tenants, there are solutions to landlord-tenant matters. Whether it is about the rent, the ability to increase it, changes to the law, attempts at eviction, tenants’ rights and more, having guidance and support from caring professionals who provide individual service whenever it is needed can be vital.