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2. RENT REGULATION
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 and contain six or more units (ii) construed 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 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. For the most part, although regulation was supposed to be temporary, in reality, it appears to be permanent although the number of units covered continues to decrease.
Question:
What Is Rent Control?
Answer:
This 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) since 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. The tenant must be permitted to remain in possession unless he fails to pay the rent, breaches a substantial obligation of tenancy, or a statutory exemption applies. As the tenant population for these units continues to “die away”, the number of rent controlled units continues to decrease.
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 did not exceed $88.00 per week or $350 per month.
Question:
What Is The Emergency Tenant Protection Act Of 1974?
Answer:
The ETPA covers buildings built after January 1, 1974, those built between March 10, 1969 and January 1, 1974, and units which had been decontrolled during the short lived three year period of the Vacancy Decontrol Law (1971-1974).
