Rent Stabilization Law of 1969

The Rent Stabilization Law of 1969 in New York limits how much landlords can increase rent on certain apartments, primarily in older buildings. It aims to protect tenants from sudden, steep rent hikes and ensures affordability. The law also grants tenants some rights, such as renewal of lease and protection from unfair eviction. Landlords must follow specific rules for rent increases and maintenance. Overall, it balances the needs of tenants for stable, affordable housing with landlords’ rights to profit from their property.