Rent Stabilization Law (New York)

The Rent Stabilization Law in New York regulates rent and lease terms for certain apartments, primarily in cities like New York City. It limits how much landlords can increase rent annually, protects tenants from unfair eviction, and requires lease renewal rights. The law aims to keep rental housing affordable and maintain stability in the housing market. It applies to buildings built before 1974 with six or more units, and other specific cases. Landlords must follow these regulations, and tenants gain certain rights, helping prevent sudden rent hikes or unfair removals.