Rent Control vs. Rent Stabilization
New York distinguishes between rent control (rare) and rent stabilization (more common). Rent control applies to apartments in buildings built before 1947 where tenant continuously occupied since 1971. Rents are kept at very low levels. Rent stabilization applies to apartments in buildings with 6+ units built before 1974 (in NYC). Rent increases are limited to percentages set by the Rent Guidelines Board (typically 0-3% annually). Market rate (uncontrolled) apartments have no restrictions. Check your building — if it's subject to stabilization, significant protections apply.
Security Deposit Limits and Returns
New York limits security deposits to one month's rent for stabilized apartments, or "reasonable" amounts for market-rate apartments. Deposits must be returned within 14 days of move-out (or 30 days for buildings 6+ units) with itemization of deductions. Landlords can only deduct for unpaid rent and damages beyond normal wear-and-tear. If deposits are not returned properly, tenants can sue for the deposit plus interest and treble damages.
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SaferLease provides AI-powered informational analysis and is not a law firm and does not provide legal advice.