A rent stabilized apartment is often spoken of as a kind of golden ticket in New York, the rare real estate find that will enable its lucky denizen to stay in a neighborhood, a borough, and increasingly, a city where housing is becoming a luxury commodity. A rent stabilized apartment is not only a renter’s insurance against being priced out of their current place, but a magical amulet against a future move to Hoboken or Jersey City.
Not that rent-stabilized apartments are particularly cheap, only cheaper. Nor does stabilization mean that tenants are protected from hefty rent increases, only that those rent increases will be determined by the Rent Guidelines Board, rather than their landlords. And this year, the increase looks likely to be considerable: between 3.25 and 6.25 percent for a one-year lease and 5 and 9 percent for two year leases, as reported by The Wall Street Journal. Read More