2. RENT REGULATION

Question:
What Is Rent Regulation?

Answer: 
Rent Regulation affects over one million housing units in the City of New York and certain other counties in the State of New York. Its scope is vast and diverse covering apartments in multiple dwellings, rooms in hotels, and lofts in formerly commercial buildings. Although regulation was intended to be temporary, it appears to be permanent. Generally speaking, rent regulation provides tenants with continuing occupancy so long as they meet certain criteria, and regulates rent increases for those units.

Question:
What Is Rent Stabilization?

Answer: 
This form of regulation affects the most units and applies when the legislative body determines that there is a "housing emergency" because the vacancy rate for units does not exceed more than five percent. It covers Class A and B housing units in buildings (i) constructed between February 1, 1947 and January 1, 1974 which contain six or more units (ii) constructed pre-February 1, 1947 but the tenants moved in after June 30, 1971 (iii) containing three or more apartments subject to J-51 or RPTL 421-a benefits and (iv) which receive benefits under the Private Housing Finance Law.


Question:
What Is Rent Control?

Answer: 
Rent Control is the most stringent form of regulation. It applies to housing accommodations with three or more units built or converted to residential use before February 1, 1947, which have been occupied by the tenant (or his successor) prior to July 1, 1971. Rent is determined pursuant to a formula, and since the tenants have been in residency for substantial periods of time, the rentals on these units are usually well below market value.


Question:
What Is Hotel Stabilization?

Answer: 
For hotel stabilization to apply, the hotel had to be built prior to July 1, 1969, contain six or more dwelling units and the rent charged on May 31, 1968 must not have exceeded $88.00 per week or $350 per month.


Question:
What Is The Emergency Tenant Protection Act Of 1974 ("ETPA")?

Answer: 
The ETPA describes rent stabilization as it applies to buildings built after January 1, 1974, those built between March 10, 1969 and January 1, 1974, and rent regulated units which had been decontrolled during the short lived three year period of the Vacancy Decontrol Law (1971-1974).