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New York's rent control and stabilization laws have long been a central issue in the state's real estate market. These regulations, particularly in New York City, are designed to limit rent increases and protect tenants in an increasingly expensive housing market.
Overview of Rent Control and Rent Stabilization
Rent control limits rent increases to a capped amount, usually applied to buildings constructed before 1947, with leases signed before July 1, 1971.
Rent stabilization allows for incremental rent increases within state-imposed limits and covers buildings constructed between February 1, 1947, and December 31, 1973.
The 2019 Housing Stability and Tenant Protection Act (HSTPA) introduced stricter regulations, preventing many units from "graduating" out of rent stabilizati...