rent control

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Rent control

Municipal regulation restricting the amount of rent that a building owner can charge.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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 Rent-control laws were originally enacted as emergency measures after World Wars I and II,because many returning service personnel emigrated to urban centers.This caused housing shortages and dramatic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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
In rent controlled environments, rental apartments are often occupied by tenants who "got lucky" by moving in when rent controls were first initiated, but who, years later, don't need a subsidized living arrangement.
In a rent controlled environment, landlords collect less money from rent which affects not only their income but also the valuation of their buildings.
The cost to the taxpayers of rent subsidy for those in rent controlled apartments amounts to hundreds of millions of dollars.
According to the 1996 Housing and Vacancy survey, there are 70,572 rent controlled apartments, constituting 3.5 percent of New York City's rental stock.
When looking at 1995 incomes, there were 3,136 rent controlled households earning over $100,000 per year.
In the case of rent controlled tenants, the loss of "essential services" - which includes the undefined "living space" - could call for a reduction in the maximum bass rent calculation.
Additionally, Rudd said the law provides a mechanism for compensation or relocation of existing tenants, both for rent controlled and stabilized tenants.
There were 1,912 rent controlled households bringing in over $70,000 a year but less than $100,000, while 53,309 rent stabilized households earned over $70,000 and less than $100,000.
Since Governor George Pataki mentioned a $50,000 cutoff figure for incomes as one possibility he was considering for deregulation last week, those making over that amount total 230,789 families in rent stabilized apartments and 8,423 in rent controlled apartments.
The principal documentary evidence introduced by the deceased tenant's family members was a rent controlled fuel adjustment form from the 1970's, which bore the name of the tenant's brother, and three money orders; one of which had the nephews name written on it, and the other two bearing the nephew's first name initial, followed by the same last name as the prime tenant.
As a result of the vacancy decontrol law passed by the New York State Legislature more than two decades ago, New York City's rent controlled housing stock has significantly diminished.
Believe it or not, such increases are easier to obtain for rent controlled units than rent stabilized units.