What is the difference between rent control, rent stabilization and affordable housing that is offered at most new luxury apartment complexes in New York City?
Rent controlled apartments in New York City started in 1920 when a severe housing shortage led to high rents and rent strikes. To help remedy the problem, the New York State legislature passed a rent-control program designed to keep costs down and limit baseless evictions. Rent control is now defunct and the only people living in rent-controlled apartments are able to do so if it is inherited from a family member. Essentially a form of nepotism, rent-controlled apartments can be passed down within a family from one person to the next whenever the existing tenant of the apartment vacates or dies.
Rent stabilization is defined as setting maximum rates for annual rent increases and entitles tenants to receive required services from their landlords and have their leases renewed which protects tenants from sharp increases in rent. About one million apartments in New York City are covered by rent stabilization. Here are four steps to finding a rent stabilized apartment in NYC as posted in article at CurbedNY…
- Figure out what rent stabilization is – Rent stabilization mainly applies to buildings with six or more units that were built before 1974, and some new buildings are also rent-stabilized. A household’s annual income must be less than $200,000 to qualify.
- Figure out which buildings are rent stabilized – the NYC Division of Housing and Community Renewal (DHCR) offers the Rent Guidelines Board that maintains a list of all buildings registered in NYC.
- Make sure you actually sign a rent-stabilized lease – The lease should state that the apartment is rent stabilized, and landlords are legally required to include a rent stabilization rider with the lease. Rent-stabilized leases also must be for one or two years.
- Move in and stay put – Landlords are required to renew all rent-stabilized leases, so once you’re settled in your less-than-market rate apartment, you’ll never be forced to give it up.
The definition of Affordable Housing is when a household spends no more than 30% of its income on rent. New York City Mayor Bill de Blasio’s plans to create and preserve 200,000 units (including luxury apartment buildings) of affordable housing throughout the five boroughs over 10 years, according to an article posted on www.amny.com. It goes on to detail that the project will cost $41.4 billion and receive funding from the city, state and federal government. Potential tenants must go through a lottery process to obtain affordable housing in NYC.
One of the new and luxury no fee rentals in Flatiron NYC is EOS NoMad located at 100 West 31st Street and included in Mayor De Blasio’s affordable housing program. If you’re interested in more information on eco-friendly EOS NoMad you can contact them through their website, or call (212) 899-3131 and speak with a leasing agent regarding EOS’s affordable housing units.