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At the signing of a lease, owners of rent stabilized apartments may charge a rent increase based on guidelines that are annually established by the applicable Rent Guidelines Board.
NYC Rent Increase Laws for 2022 Specifically, each year the NYC Rent Guideline Board sets a cap on how much a landlord may increase your rent annually. In June of 2022, the board set a 3.25% increase for one-year lease agreements and a 5% increase for a two-year lease agreement.
Notice of Rent Increase According to the new law, the landlord must give prior notice of 30-days if he/she wants to increase rent by more than 5%. And the period of notice increases with the length of the lease. For example, if the tenant is living for more than a year, a prior notice of 60-days will be valid.
No new rent-controlled apartments are created, and needless to say, they are extremely hard\u2014basically impossible\u2014to come by, which is why this isn't "The Guide to Finding a Rent-Controlled Apartment in NYC."
Criteria for Rent Stabilized Apartments: The built must be constructed before 1974. It must contain six or more units. The rent has to be less than $2,700 a month. If rent happens to cross it, the apartment ceases to be rent-stabilized. The yearly income of the tenant must be below $20000 a year.
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The legislation declares that the City Council determined that there is an ongoing housing emergency, and that the emergency will continue after the current expiration of the Rent Stabilization Law, July 1, 2022.
If your landlord does not renew your lease and you remain in the apartment, be prepared for your landlord to start an eviction case in housing court agasint you. The case will likely be a holdover case, meaning that your landlord is asking for the right to evict you even if you're willing to pay the rent.
New Yorkers who live in rent-stabilized apartments will soon pay higher rents \u2014 3.25 percent more on one-year leases and 5 percent more on two-year leases \u2014 the sharpest increase in nearly a decade.
New York City has a system of rent regulations known as \u201crent stabilization.\u201d The system was enacted in 1969 when rents were rising sharply in many post-war buildings. The system has been extended and amended frequently, and now about one million apartments in the City are covered by rent stabilization.
In NYC, when a tenant moves out of a rent controlled apartment, the apartment becomes decontrolled. If that apartment is in a building built before January 1, 1974, containing six or more units at any time, it becomes rent stabilized.

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