Rent Control in New York - Rent Stabilization

Rent Stabilization

Rent stabilization exists only in New York City, Nassau, Rockland, and Westchester Counties. It generally applies to units of six or greater built before 1974 and not subject to rent control (although owners of more recent buildings can agree to rent stabilization in exchange for tax benefits). Regulation and policies may vary by municipality as to which buildings qualify. In addition certain buildings such as non-profit housing are not included in the program, but upon leaving programs such as the Mitchell-Lama Housing Program or Section 8, they may enter rent stabilization if built before 1974. Also, apartments that are converted into coops and condos and vacated after July 7, 1993 may not be subject to rent stabilization. In order for rents to be placed under regulation, the municipality must declare a housing emergency, there has to be a rental vacancy rate of less than 5% for all or any class or classes of rental housing accommodations which requires a housing vacancy survey to show it.