Pic Source: Superpages.com
Rent Regulation refers to the legal framework for a set of policy programs, which include rent control and rent stabilization, to prevent average city-dwellers from getting priced out of the rental market and face baseless eviction. As a legal tool for tenants living in market-rate housing, rent regulation policies include the regulation of unfair rent increases to make rental options more affordable, protection of tenants in privately-owned buildings from illegal rent increases, a provision for a tenant's right to renew their leases, and civil penalties for landlords that harass them. In NYC now, most rent regulated apartments can only be obtained if it is inherited from a family member
In Pittsburgh, the median monthly gross residential rent was $712 in 2013 according to the Census ACS survey and sets the city as one of the most affordable metro areas in the country. However, a NerdWallet financial literacy website found that rental prices in Pittsburgh have actually increased at a faster rate than in New York over the past five years. Some of the U.S. jurisdictions with rent regulation policies include San Francisco, Los Angeles, New Jersey, New York City, and Maryland. Many states – including Florida, Illinois, North Carolina and Texas – explicitly prohibit rent-control laws.
Rent control are limits on the rent that a landlord may charge to protect tenants in privately-owned residential properties from excessive rent increases while ensuring that landlords receive a return on their investment that is deemed fair. In NYC, for an apartment to be under rent control, the tenant (or the tenant's family if the apartment has been passed down to a qualified family member) must have been living in that apartment continuously since before July 1, 1971.
An apartment can become rent stabilized when a rent-controlled apartment becomes vacant. As of 2011, rent-stabilized apartments comprise about 59% of rental units in the Bronx. Once a year a Rent Guidelines Board sets the rate for rent increases that can only be increased if there is a written consent between the tenant and the owner, if the owner installs a building-wide capital improvement, or in case of hardship. However, rent stabilization provides protections to tenants besides limitations on the amount of rent and yearly rent increase rates: tenants are entitled to receive required services, to have their leases renewed, may not be evicted except on grounds allowed by law, are protected from harassment from property owners, and can contest intentional actions on the part of the owner that seek to force them to vacate an apartment beyond rent increases.
New York City Rent Guidelines Board | And Introduction to the NYC Rent Guidelines Board and the Rent Stabilization System
Curbed - New York | The Lucky Ones: Rent Control vs Rent Stabilization
The Economist | Do Rent Controls Work?
Brick Underground | The Insider's Guide to Rent Stabilized Apartments: Essential Knowledge for New York Renters
6 Sqft | Rent Stabilization Demystified: Know the Rules, Your Rights, and if You're Getting Cheated