What are the differences between rent control and rent stabilization?

What are the differences between rent control and rent stabilization?

Rent control typically sets a maximum rent that landlords can charge, while rent stabilization allows for gradual increases.

Can you explain how each system affects tenants?

Sure! Rent control provides more security for tenants by limiting rent increases, while rent stabilization offers some flexibility.

Which one is more common in major cities?

Rent stabilization is more common in major cities like New York, whereas rent control is less frequently implemented.

Are there any downsides to these systems?

Yes, both can lead to reduced housing supply and maintenance issues, as landlords may have less incentive to invest.

How can I find out if my apartment is rent-controlled or rent-stabilized?

You can check with your local housing authority or review your lease agreement for specific terms regarding rent.