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 stabilization and capping rent increases. For instance, under the HSTPA, a rent increase for major building improvements is capped at 2%.
Rent Increase Limits
In New York City, the Rent Guidelines Board (RGB) determines rent increases annually. For leases starting between October 1, 2024, and September 30, 2025:
- 1-year lease: maximum increase of 2.75%
- 2-year lease: maximum increase of 5.25%
Outside New York City, municipalities like Kingston and Poughkeepsie can opt into these rent control laws.
Eviction Protections and Just Cause Law
The Good Cause Eviction Law, enacted in 2024, offers tenants added protections. Landlords must provide just cause for evictions, such as property damage, illegal activity, or lease violations.
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Navigating These Laws
Landlords and tenants need to stay updated on these complex regulations. Tools like TurboTenant offer property management software tailored to New York’s rental laws, ensuring landlords can comply with regulations while managing properties effectively. For more in-depth guidance, visit TurboTenant.