{"id":16270,"date":"2022-09-28T15:00:00","date_gmt":"2022-09-28T19:00:00","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?p=16270"},"modified":"2023-07-22T11:36:26","modified_gmt":"2023-07-22T15:36:26","slug":"rent-stabilized-apartments-nyc-guide","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/rent-stabilized-apartments-nyc-guide\/","title":{"rendered":"Guide to Rent Stabilized Apartments in NYC"},"content":{"rendered":"\r\n

Renting in NYC<\/a> can be complicated. Rents frequently skyrocket<\/a>, meaning you can be easily priced out of a neighborhood you could afford just last year. One way to avoid this fate is rent stabilization\u2014special deals that make it so your rent can only increase by a certain amount each year. But is it really that simple? Can you just waltz up to a rent-stabilized apartment, plant a flag, and never worry about rent again? Sadly, no. However, we\u2019re here to make the process a bit easier to figure out.<\/p>\r\n

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Photo by Kate Darmody on Unsplash<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n\r\n\r\n

What is Rent Stabilization?<\/h2>\r\n\r\n\r\n\r\n

Rent stabilization is a form of affordable housing that covers over one million apartments in NYC<\/a>. Unlike rent control, another form of affordable housing, rent stabilization increases is decided annually by the Rent Guidelines Board<\/a>. This means there is no set percentage for your annual rent increase. However, the board has never failed to protect homes in their jurisdiction from sharp rent increases.<\/p>\r\n\r\n\r\n\r\n

Additionally, tenants in rent-stabilized homes are allowed to renew their leases as many times as they want as long as they aren\u2019t violating the policies of the building. When tenants do move, the apartments are still considered rent-stabilized, and new tenants are protected from massive rent increases thanks to the Housing Stability and Tenant Protection Act of 2019<\/a>. This act also forbids landlords from shady practices like renovating other units to increase rent prices, taking up more than one apartment for personal use, and evicting elderly and disabled tenants for the purpose of moving into their homes. These protections are instrumental for the continuing practice of rent stabilization, so read what your rights include here<\/a>.<\/p>\r\n\r\n\r\n\r\n

How to Find a Rent Stabilized Apartment in NYC<\/h2>\r\n\r\n\r\n\r\n
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Photo by Ross Sokolovski on Unsplash<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n

There\u2019s actually a decent chance you already live in a rent-stabilized home. As we stated before, over a million homes meet this category, and that\u2019s by design. Rent stabilization was created in 1969 but has been extended and amended since its initial incarnation.\u00a0<\/p>\r\n\r\n\r\n\r\n

Currently, there are three categories<\/a> that rent-stabilized apartments can fall into. The first includes any building with more than six units that was constructed between February 1st, 1947 and December 31st, 1973. The second includes tenants who moved into a building after June 30th, 1971, but only if that building was constructed before February 1st, 1947 and has six or more units. The last category is any building that has built or significantly renovated three or more units after January 1st, 1974 using special tax benefits.<\/p>\r\n\r\n\r\n\r\n

As you can imagine, these rules mean that rent stabilization applies to many buildings. If you\u2019re moving to a new place, and the building is meant to be rent-stabilized, the landlord is required to include a rider<\/a> explaining that situation. However, many landlords don\u2019t do this, so it\u2019s good to do your own research on a building you want to live in. You can look up your potential or current building\u2019s rent stabilization status here<\/a>.<\/p>\r\n\r\n\r\n\r\n

FAQ for Rent Stabilized Homes<\/h2>\r\n\r\n\r\n\r\n
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Photo by Clay LeConey on Unsplash<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n

Can a condo or co-op have a rent-stabilized apartment?<\/h3>\r\n\r\n\r\n\r\n

Yes, but only after a formerly rent-stabilized home is converted into a condo or co-op. When that transition occurs, tenants living in the building are protected from being evicted and even allowed to renew their lease as many times as they want. However, if the tenant moves from their rent-stabilized home, the apartment can either be sold as a condo or retain its rent-stabilized status for the next tenant.\u00a0<\/p>\r\n\r\n\r\n\r\n

How can a rent-stabilized apartment become deregulated?<\/h3>\r\n\r\n\r\n\r\n

An apartment becomes deregulated when a home loses its rent stabilization status. This can happen for several reasons. The most common reason an apartment becomes deregulated is when the tax status of the building changes. As stated earlier, some buildings are stabilized due to a special tax program like a 421-a or a J-51 abatement. When those programs end, buildings will likely revert back to their pre-stabilized status. Additionally, a building can become completely deregulated if it\u2019s converted into a condo or co-op and former tenants either buy or leave their stabilized homes.<\/p>\r\n\r\n\r\n\r\n

What should I do if my landlord is illegally trying to deregulate my home?<\/h3>\r\n\r\n\r\n\r\n

First, it\u2019s good to remind them that the home is rent stabilized, and they should consult the current regulations to see if the rent increase or attempted deregulation is allowed. There are a lot of rules, and they\u2019re written in complicated language. There\u2019s a real chance the landlord doesn\u2019t know what they\u2019re doing is illegal. If no action is taken on the landlord\u2019s part, file a complaint with Housing and Community Renewal<\/a>. They will be your best friend in this situation.<\/p>\r\n\r\n\r\n\r\n

Does my income or employment status affect my home\u2019s stabilization status?<\/h3>\r\n\r\n\r\n\r\n

No, your income and employment status do not affect your home’s stabilization status. They can be factors when trying to move into a stabilized home, though, as landlords are allowed to reject applicants they believe cannot pay the rent. However, tenants who already live in rent-stabilized homes are allowed to renew their lease regardless of their income or employment status, though they can be evicted if they cannot pay rent for a period of time.<\/p>\r\n\r\n\r\n\r\n

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