Rent Stabilization

Definition

Rent stabilization is a form of rent regulation that limits the amount a landlord can increase rent each year for qualifying apartments. In New York City, rent stabilization generally applies to buildings with six or more units built between 1947 and 1974, and to certain newer buildings that received tax benefits. The Rent Guidelines Board sets allowable annual increases. Stabilized tenants have the right to renew their leases and cannot be evicted except for cause. The Housing Stability and Tenant Protection Act of 2019 strengthened tenant protections and eliminated most pathways for deregulation.