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Home › Resource Centers › Resources for Renters › Glossary of NYC Real-Estate Terms You Might See On Your Rental Lease
Implemented in 1943 as a consumer protection act, to help ensure that soldiers returning from World War II would be able to afford a place to live, even as demand exceeded supply of New York City apartments for rent, Rent Control limits the amount a landlord can charge for rent--both at the initial lease signing as well as in subsequent renewals--and also regulates the services a landlord must provide. The law has changed over the years... today the only NYC rental apartments that qualify for Rent Control are those that have been continuously occupied since 1971. If a Rent Controlled NYC apartment is vacated, in most cases the unit becomes Rent Stabilized. Rental apartments become completely de-regulated, and the landlord may charge market price, if the regulated rent exceeds $2,000 and an apartment is vacated, or if the lessee's household income rises above $175,000.