Rent Stabilization
Rent stabilization is a form of rent control that aims to protect tenants in certain rental properties from excessive rent increases. Under rent stabilization laws, landlords can only raise rent by a limited amount each year, which is often determined by a governing body. This system helps maintain affordable housing options for tenants, especially in cities with high demand and rising living costs. Additionally, rent stabilization typically offers tenants some security in their living situations, making it harder for landlords to evict them without cause. The specifics can vary by location, as not all areas have rent stabilization laws.
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Rent stabilization is a housing policy designed to protect tenants from sharp rent increases and provide stability in their living situations. It typically applies to older apartment buildings, limiting how much landlords can raise rents annually. This system aims to keep housing affordable in areas where demand is high. Rent-stabilized tenants often have additional rights, such as longer notice periods for evictions. However, landlords may receive certain tax benefits in exchange for adhering to these regulations, creating a balance between tenant protection and property owner interests.