Apartment rentals New York with Housing Laws

New Bill Could Freeze Rent for 24,000 NYC Seniors

Senior Citizen Legislation

Margaret Chin a Manhattan City Councilwoman introduced a new bill on April 10th that would greatly benefit the senior community living in New York City today. This proposed bill would put a rent freeze on senior citizens that are currently earning $50,000 or less annually.

Seventy Years of Rent Control in NYC

Rent Control Limits in NYC

People will do crazy things to get their hands on a rent controlled apartment, from pretending to be someone’s relative to pretending their dead relative that owned the home is in fact, still alive and kicking. A book by Robert Fogelson entitled The Great Rent Wars: New York 1917-1929, explains the tumultuous story of the many attempts to fix a terrible housing situation before rent control. Enacted 70 years ago, the story of rent regulations started with a government that could care less about the issues happening with housing.

The Widespread Effects of Rent Regulation in NYC

It’s a policy that dates back to World War I: rent regulation. A housing law that currently applies to 62.6% of the rental units in New York City, rent regulation’s effect on the city’s inhabitants cannot be underestimated. However, rent regulation is far from universally accepted throughout NYC. Recent controversy arose when landlords from the Upper West Side filed a federal lawsuit advocating for the removal of rent regulation due to its alleged unconstitutionality. For many landlords of rent-regulated apartments, it seems unjust that residents could afford to endlessly renew their leases.The importance of rent increases and alterations can furthermore be seen in the recent decision by the Rent Guidelines Board to allow landlords to make a  2% rent increase on 1-year leases and a 4% increase on 2-year leases.

Rent Control versus Rent Stabilization

rent regulation rent control rent stabilization in new york cityWhile the case between the Upper West Side landlord and his rent stabilized tenants sits in front of the Supreme Court pending further action, the Luxury Rentals Manhattan blog thought this would be a great opportunity to review the difference between the real estate mysteries that are rent control and rent stabilization. Rent control and rent stabilization, both of which fall under the category of rent regulation, refer to laws or ordinances that set price control on the renting of residential building. Historically, New York State has one of the longest history of rent regulation in the country and subsequently the vast majority of rent regulated units are located in New York City as well.