Terms
Rent control limits the price a landlord can charge a tenant for rent and also regulates the services the landlord must provide. Failure to provide these may allow the tenant to demand a lower rent.
Outside of New York City, the state government determines the maximum rents and rate increases, and owners may periodically apply for increases.
In New York City, rent control is based on the Maximum Base Rent system. A maximum allowable rent is established for each unit, and every two years, the landlord may increase the rent up to 7.5% (As of 2012) until the Maximum Base Rent is reached. However, the tenant may challenge these increases on grounds that the building has violations or the owner does not need to increase the rent that much to cover expenses.
Read more about this topic: Rent Control In New York, Rent Control
Famous quotes containing the word terms:
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—Sarah Patton Boyle, U.S. civil rights activist and author. The Desegregated Heart, part 1, ch. 15 (1962)