What are the differences between rent stabilization and market rent in NYC?

What are the differences between rent stabilization and market rent in NYC?

Rent stabilization offers tenants regulated rent increases and security, while market rent is determined by supply and demand.

How does one qualify for rent stabilization?

To qualify for rent stabilization, a tenant typically must live in a building with six or more units built before 1974 and meet income limits.

Can landlords increase rent for stabilized apartments?

Yes, landlords can increase rent for stabilized apartments, but the increases are regulated by the Rent Guidelines Board.

What happens if a tenant moves out of a stabilized apartment?

If a tenant moves out, the apartment may become deregulated if the rent exceeds a certain threshold or if the landlord makes improvements.

Are there any benefits to living in a rent-stabilized apartment?

Yes, benefits include lower rent increases, greater security of tenure, and protection from eviction without cause.