Rent control has been imposed on several American cities for decades. One of the best known illustrations of rent control is in New York City. This city has been affected by rent control since the days in which temporary wartime price controls were placed on it during World War II. # When America entered the 70's it looked as if price caps set on rent would be the road to housing salvation. Many cities that adopted rent controls eventually made them permanent fixtures hoping to help society cope with the housing crisis. However, at the present time many buildings in New York City have come under the provisions set by rent stabilization rather than rent control. In 1969 rent stabilization was established to protect households living in uncontrolled apartments. Stabilized housing has grown to encompass about one million units at this point in time, especially because of the rise in vacated rent controlled apartments.# .
Rent stabilization is much like rent control. However, it provides other protections to tenants besides guaranteed 6% limits on rent increases.# Tenants are guaranteed certain services to be rendered from their landlords. Landlords are required by the Rent Stabilization Law to handle things such as repairs, maintenance, heat, hot and cold water, etc. Tenants are also able to have their leases renewed, and they may only be evicted based on violations of law. Under rent stabilization a tenants" rights are guaranteed because of penalties that will be imposed on landlords if violated. Landlords could suffer rent decreases and civil penalties.# Rent stabilization has a major effect on several groups of people including both current and prospective landlords, current and prospective tenants, and government officials. The effects of rent stabilization vary among these groups.
Imagine you are 22 years-old, just out of college, and you are moving to New York in order to pursue a career in advertising.