New York Rent Stabilization Salary Requirements
The median household income in New York City is $63,553, and the average home price is $1.14 million, according to 2011 data from Kiplinger. The high cost of housing throughout New York makes rent stabilization especially important for lower-income residents priced out of the housing market. Stabilization regulations restrict the rental rates that some landlords can charge.
Function
Rent stabilization laws provide some tenants with protection from large increases in rental rates by limiting rates based on tenants' income. For example, the New York City Rent Guidelines Board indicates that about 1 million apartments in the city have rent stabilization regulations. The board sets the allowable rate increases landlords can charge for rent-stabilized apartments when tenants renew their leases. Several types of apartment buildings are rent-stabilized. For instance, New York City buildings that include six or more apartments built between February 1, 1947, and January 1, 1974, are usually rent-stabilized.
Stabilization vs. Control
According to the Rent Guidelines Board, about 50 areas in New York enforce rent-control regulations other than New York City, including Albany and Buffalo. The board notes that people use the terms rent stabilization and rent control interchangeably. However, they aren't the same because rent stabilization involves a different set of regulations. For example, a June 2011 New York Times article by Cara Buckley indicates that an apartment remains under rent stabilization if the household income is less than $200,000 annually for two consecutive years. Tenants usually can occupy rent-controlled apartments as long as they want regardless of how much they earn.
Landlord Rights
New York landlords have the right to remove their properties from the rent-stabilized system under certain circumstances. According to Buckley, tenants who pay monthly rental rates of $2,500 or more and earn more than $200,000 annually for two consecutive years may have their apartments removed from stabilization by the landlord. Furthermore, landlords have the right to charge market rates for vacant apartments that rent for at least $2,500, which essentially leaves landlords free to charge new tenants whatever they think they can get for those apartments.
Rate Increases
Even small increases in rates for rent-stabilized apartments can have a significant financial impact on New Yorkers who earn lower incomes. For example, New York Daily News writers Kerry Wills and Mike Jaccarino reported in a June 2011 article that the RGB voted to allow New York City landlords to increase rents 3.75 percent for tenants who renew their leases for one year. Tenants who sign on to a two-year lease can have their rents raised by 7.25 percent. Therefore, a tenant who pays $2,000 per month in rent may have to pay an extra $75 per month if he renews his lease for one year. That tenant will pay an additional $900 in rent for the year.
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