A real estate broker in New York City is asked to explain the difference between rent-controlled and rent-stabilized apartments. Which statement correctly describes rent-controlled apartments in NYC?
Correct Answer
A) Rent-controlled apartments are older units with tenants who have lived there continuously since before July 1, 1971
Rent control in New York City applies to older apartments where the tenant (or their family) has lived continuously since before July 1, 1971. These are typically pre-war buildings, and rent control provides the most restrictive rent regulation with very limited rent increases.
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Previous Question
Under New York City's rent stabilization laws, a landlord may legally remove an apartment from rent stabilization in all of the following situations EXCEPT:
Next Question
Robert owns a rent-stabilized building in Brooklyn and wants to make major capital improvements (MCIs) to upgrade the heating system and roof. He plans to apply for a rent increase to recover these costs. Under New York's rent stabilization laws, what is the maximum percentage by which Robert can increase each tenant's rent annually for approved MCIs?