Rent stabilized apartments are among the most sought after apartments you can find in New York City, but the competition to get them is fierce. This is because they are often the most affordable living spaces in the entire city, with rents significantly lower than other, unregulated apartments. But what does it mean for an apartment to be rent stabilized, and what rights do you have if you are a tenant in a rent stabilized unit?
What is Rent Stabilization?
Rent stabilization is a system put into place in New York City shortly after World War II, which requires residential landlords to set aside a certain number of apartments as rent stabilized. These apartments, unlike regular apartments, are tightly regulated, and landlords can only raise the rent on them by a small amount every year. This means that rent stabilized apartments are typically much cheaper to rent, compared to similar unregulated units.
The Benefits of Rent Stabilization
The biggest benefit of rent stabilized units is that, while you stay in one, your rent cannot be raised by more than a certain amount, protecting you from the instability of the real estate market. By comparison, in unregulated apartments, landlords can freely raise rent anytime a lease agreement is renewed, with no real limitations on how much they can charge per unit. Also, in rent stabilized apartments, landlords cannot evict tenants unless they violate their lease agreement or fail to pay their rent.
The Rights of Rent Stabilized Unit Owners
People who live in regulated apartments have a statutory right to renew their lease, and their landlord must give at least 90 days’ notice of their time to renew. This means that landlords cannot choose to simply not renew the lease on a stabilized unit, as they could on an unregulated apartment. In addition, if the building you live in gets converted to condos or a co-op, you can generally remain in your rent stabilized unit until you are evicted or choose to move out.
What You Should Do If Your Rights Are Violated
If you are staying in a rent stabilized unit and your rights are violated, you may have legal options available to you. However, to understand the full scope of your rights and any potential remedies, you should speak to a lawyer with experience handling landlord-tenant matters. They can consult with you on your case, and help you to devise a legal strategy that gets you the best possible outcome for your problem.
If you are in a dispute with your landlord and want to know more about protecting yourself, do not wait until it is too late. You should seek advice from an attorney experienced in handling landlord-tenant disputes, who can advise you on your rights and help you avoid the risk of eviction. Contact the skilled landlord-tenant attorneys at Hobson-Williams, P.C. Contact us online, toll-free (866) 825-1529 or (718) 210-4744 to discuss your rights and the solutions available to you.