Rent stabilization is one of the benefits of living in New York City. It’s a type of regulation of rental costs where rent-stabilized apartments are set at one rental cost per month for the length of a tenancy. People may pass on the apartment to next-of-kin and others so long as they do so according to New York’s laws.
Rent-stabilized apartments are normally inclusive of apartment buildings with six or more apartments that were built between Feb. 1, 1947 and Jan. 1, 1974. Approximately a million of the apartments in New York City are rent-stabilized.
Can a landlord evict a tenant to use the rent-stabilized property for a family member?
Yes, but there are caveats. As a tenant, you have a right to renew your lease for as long as you’d like. However, the landlord is able to evict tenants for the purpose of opening an apartment for family use. The landlord needs to give tenants approximately 90 to 150 days notice of eviction. Additionally, the landlord should be able to prove that the unit or units will be used for family members.
Rents are generally considered stabilized when they fall under $2,700. When they exceed this amount, then the owner may petition the New York State Division of Housing and Community Renewal to deregulate the apartment, allowing the landlord to charge what they’d like.
Regulations for stabilizing and controlling rent can be complicated, so if you’re unclear about where you stand, it’s a good idea to look into the applicable laws and prepare for the appropriate rent on the apartment.