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Rent Stabilized Lease Renewals - Met Council On Housing: What You Should Know
A bill before the State Senate and Assembly proposes to make that provision a condition of landlord tenancy in residential buildings with three or fewer units subject to rent control and that are owned and operated by a rent-stabilized landlord. A bill before the State Senate and Assembly proposes to require the landlord to provide written notice of an imminent rent increase to any tenant who is rent-controlled and notifies them of the impending change. Rent stabilization laws generally limit the amount of rent a unit may be increased to, while rent controls prohibit such increases. The state government does not specify that these rent-stabilization laws require any specific information, but it tends to rely on the provisions of the law. For the past ten years, the Federal Housing Authority has helped New Yorkers to build affordable rental housing by funding both building and land development projects that include a certain number of affordable units. It has committed over 3.7 billion through the Section 8 Housing Choice Voucher Program (CVP) in New York City and by providing loans to landlords in New York State in order to build a certain number of affordable rental units. The Section 8 program does not apply to owner-occupied properties, however, the Federal Housing Administration's Loan Rehabilitation program (LRP) does. For more information on the loan rehabilitation program, please visit the NY HUD LRP website. Rent stabilization laws, as a general rule, do not provide rent control protection for rent-controlled apartments. Rent stabilization laws provide rent stabilization for apartments subject to rent control. However, this law can be limited by rent control in a number of ways. Rent-stabilization limits rent increases, but does not protect tenants against sudden increases. Landlords can raise rent limits with no prior notice by a 4.5% increase every year. However, if a landlord provides the required notice, it is possible for an owner to exceed the limit.
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