New York is home to many Americans living in their own properties or as tenants. With the assistance of a real estate company, locals find multi-family residential opportunities to stay peacefully. Several communities in the state have rent regulation programs called rent control and rent stabilization. These programs offer protection to tenants against unfair treatment in terms of rent payments and personal conduct. Let's dive into the details to learn more.
Rent Control - History and Details
Rent control was introduced earlier than rent stabilization. It dates back to post-World War II times when an immediate shortage of housing occurred. This program generally applies to buildings constructed before 1947.
The rent control program limits the amount of rent a house owner charges their tenants. It also restricts the right of homeowners to evict tenants. Here are the areas the rent control program covers.
The program provides guidelines for increasing rents on properties under the supervision of the Maximum Base Rent (MBR) system. You can get more details by consulting a commercial real estate agent.
The rent control program also addresses tenants' concerns related to rent overcharges under the orders of DHCR.
Rent-controlled apartments also accommodate rent reductions for decreased services offered to tenants.
Apartment buildings under the rent control program are liable to address harassment issues to ensure the protection of tenants.
Apartment owners under the rent control program do not have to register their apartments annually with DHCR.
Rent Stabilization - History and Details
Rent stabilization provides protection to tenants in multiple domains besides rent increase limitations. This program applies to buildings constructed after 1947 and before 1974. It also serves as the core of modern-day property management and residential leasing. You may keep the program's details in view for an informed selection when looking for vacancies.
The rent-stabilized apartments operate under the guidelines of the Rent Guidelines Board for rent increases, which are set once a year.
Apartment owners (under the rent stabilization program) may be ordered to refund the overcharged rent to tenants if found guilty.
Legal actions will be taken against apartment owners found guilty of harassing their tenants for vacating their apartments.
An apartment owner must file for an initial registration within 90 days after the apartment becomes subject to rent stabilization.
The above details highlight the history and details of rent control and rent stabilization. If you need a real estate firm that helps you secure the best living options, Milbrook Properties can help you out. Get in touch with us today to discuss your needs and get started.