Understanding Your Rent Stabilization Rights
While you may not be aware of it, you could be entitled to legal protections under New York's rent stabilization regulations. While building owners receive 421a and J-51 tax benefits, they are subjected to rent stabilization laws that provide tenants with rent increase protection. If you feel that your rent stabilization rights have been violated, you need to talk to a knowledgeable New York real estate lawyer about your options.
To schedule a consultation with an attorney from Jeffrey S. Ween & Associates, call 646-448-9300 or 888-832-1780. Or, contact our firm via e-mail.
Rent Stabilization
Rent stabilization is a program in New York City that sets maximum rates for annual rent increases and entitles tenants to required services from their landlords. The rent guidelines board meets annually to determine how much future increases on the rents can be. If a landlord violates the guidelines, it could result in the reduction of a tenant's rent.
There are a two ways for a building to be subject to rent stabilization. All buildings built before 1974 that have at least six apartments are included, as well as more recent buildings that qualify for real estate tax benefits. As part of the arrangement, the buildings are subjected to rent stabilization while the property owner receives the tax benefits.
