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 Rent-control laws were originally enacted as emergency measures after World Wars I and II,because many returning service personnel emigrated to urban centers.This caused housing shortages and dramatic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 ?
3 Under the 20/50 set-aside, at least 20 percent of the units in the project must be designated for households with a maximum income and rent restriction at 50 percent of AMGI.
After the assessment was upheld for both years, the Owner filed suit claiming that the assessments violated state law by failing to consider the low-income rent restrictions on the complex.
This appraisal did not take into account the federal rent restrictions on the property.
The BTA adopted the values initially determined by the assessor, reasoning that, because the projects entered into the rent restrictions voluntarily, the assessor was not required to use restricted rents to determine income under the income capitalization method.
Both the tax credits and the rent restrictions survive a sale when the conditions of sale are at market.
This provides an excellent opportunity for continued operation as an apartment building without rent restrictions, or alternately, conversion to a cooperative, a condominium or embassy housing.
The trial court required the board to consider the economic obsolescence created by rent restrictions imposed on the project under the FHTCs.
For others it is only a dim memory of their childhood of a city without rent restrictions. And for a select aged few, they may even remember owning residential property before the "Rent Control Wars" began.
"They looked at the rent regulations as limiting the rental stream and as long as you have the rent restrictions, the price one can get from disposing that property is reduced."