The city of New York is one of the most expensive places to live in the United States and in the world. Renting an apartment can be very difficult, but a lucky few manage to find a rent-stabilized apartment. Rent-stabilized apartments mean that the landlord is limited to how much they can raise the price of rent in each given year.
If you have a rent-stabilized apartment in the city of New York, it is important that you take the time to understand how the law works. This will help you to stand up for your rights in the event of a dispute.
What is the difference between a rent-controlled apartment and a rent-stabilized apartment?
Rent-controlled apartments are very rare because they are subject to strict designations. They must have been built before 1947 and have been occupied by the same family since 1971. This means that less than 2 percent of apartments in New York are rent-controlled.
Rent-stabilized apartments can be any apartment that is priced below $2,500 in 2018. The apartment can become destabilized if the rent becomes more than $2,500 or if the tenant is earning more than $200,000 for two years in a row.
How I am protected from eviction in a rent-stabilized apartment?
As long as you have not breached your tenancy and you are not causing nuisance, you should be protected from eviction in a rent-stabilized apartment.
It is important that you understand your rights as a tenant in a rent-stabilized apartment in the city of New York.