Rent Stabilization Ordinance

The Rent Stabilization Ordinance is a law that limits how much landlords can increase rent on certain residential properties, typically in specific cities or neighborhoods. It aims to protect tenants from excessive rent hikes by setting maximum allowable increases and establishing rules for lease renewals and evictions. This helps maintain affordable housing and provides tenant stability, while still allowing landlords to cover maintenance costs and earn a reasonable return. Essentially, it balances the rights of tenants to affordable housing with landlords’ interests in property management.