rent control

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Rent control

Municipal regulation restricting the amount of rent that a building owner can charge.

Rent Control

A local law setting maximums on the amount landlords can charge tenants on certain properties. This is done primarily to protect tenants from certain actions, such as increases in rent at the end of a lease on tenants who ask for repairs. Proponents argue that rent control gives tenants a degree of stability that would not otherwise exist. Opponents contend that rent control discourages investment in housing, reducing the quantity (and perhaps the quality) of rental housing available.

rent control

Laws that regulate the rent that can be charged for space. Rent-control laws were originally enacted as emergency measures after World Wars I and II,because many returning service personnel emigrated to urban centers.This caused housing shortages and dramatic rent increases, with a resulting increase in evictions.Today,rent control is seen as a legitimate exercise of a government's police power and usually does not require an emergency situation.The state of New York differentiates between rent-controlled apartments and rent-stabilized apartments because of the dates of differing legislation. Rent-controlled apartments are still operating under laws enacted in 1947. They require that the tenant have continuously occupied the apartment since before July 1, 1971. As those apartments vacate, they become rent-stabilized under other legislation, or they become decontrolled under some circumstances.

References in periodicals archive ?
Rockefeller said the rent restrictions were limiting housing construction, and that he signed the law to "deal with housing problems severely worsened by rent control itself," the New York Times reported.
Preservation Coordinator Franklin Campos monitors buildings with expiring covenants and ensures that owners who plan to end rent restrictions give the city and tenants a legally-required one-year notice.
42 has rent restrictions that establish the amount of rent that can be charged, based on the set-aside elected for the project.
Assessment of low-income housing must consider rent restrictions on the property
Without tenant protection requirements, tenants in over 101,000 units that do not receive rental assistance may have to pay higher rents or move when the HUD mortgages on these properties mature and rent restrictions are lifted.
Financing and other agreements require 53 percent of the apartment homes in Fountain Park to be subject to various rent restrictions based on resident income criteria.
Most developers would opt out of the rent restrictions and seek higher-income tenants who could pay more in rent," explained Ron Orgel, Phoenix Realty Group (PRG) managing director.
Also addressed is the valuation of stabilized LIHTC properties for property tax purposes when the owner essentially loses the reversion proceeds due to the state's right to select a nonprofit purchaser after rent restrictions end.
An apartment building's real estate tax assessment should have taken into account rent restrictions pursuant to a federal program that encouraged the building of housing for low-income families, according to the Court of Appeals of North Carolina.
This provided an excellent opportunity for continued operation as an apartment building without rent restrictions, or alternatively, a conversion to a cooperative, a condominium or embassy housing.
The Board of Tax Appeals (BTA) should have taken rent restrictions into account in valuing low income housing projects, according to the Court of Appeals of Washington.
Tax credits are issued over a ten-year period, but project rent restrictions must have a 15-year minimum duration.