As you may already know, rent regulations in New York City are complex and can be difficult to understand. Ever since the Covid-19 pandemic, the real-estate industry has been struggling. Although things do seem to be getting better, now that the pandemic is over, there’s still a long way to go.
In this guide, we’ll break down the details of these laws and how they affect renters in NYC.
Types of Rent Regulations in New York City
There are several different types of rent regulations in New York City, all of which have a different impact on tenants. Some of the most common forms of rent regulation include:
Rent Stabilization
This type of regulation applies to buildings that were built between February 1, 1947, and December 31, 1973, and are occupied by at least six families or three households. Rent-stabilized units must maintain a maximum rent increase that is determined annually by the state. While this limit does not apply to vacant units, landlords can only charge new tenants one month’s rent plus a one-time fee for establishing tenancy.
Rent Control
Unlike rent stabilization, rent control applies to units built after 1947 and applies to just over two million apartments in New York City. Under these regulations, rents can only be increased by a certain percentage each year and are set at the time that a tenant moves in.
Proposed Changes to Rent Regulations
There have been several proposals from various groups over the years to change or do away with rent regulations altogether. For example, some advocates argue that these laws should be updated to apply to all units in New York City, regardless of when they were built. Others claim that deregulation would help incentivize developers to build more housing and bring down prices for everyone.
What Are the New Guidelines After Covid-19?
At this time, it is unclear how the recent outbreak of Covid-19 will impact rent regulations in New York City going forward. Some analysts suggest that a shortage of tenants could make it more difficult for landlords to justify rent increases. In contrast, others argue that rental prices could rise as people move away from major cities and are forced to find housing elsewhere.
Apartment Rent Regulations in New York
Despite these uncertainties, one thing remains clear: rent regulations in New York City can be complicated and difficult to understand. If you’re a renter in need of assistance or have questions about your rights as a tenant, reach out to Milbrook Properties who can help guide you through the process.