What Are Rent Controlled Apartments?
Rent controlled apartments are apartments where the law prohibits landlords from raising the prices more than a specified amount. Such apartments exist in numerous countries, and in several large cities within the United States, such as New York. Within those cities, the laws apply to residents of certain buildings and typically apply only to those buildings that existed during the post-World War II housing shortage and/or during the 1971 period of price fixing and controls instituted by President Richard Nixon. A rent controlled apartment is an apartment where the rent is fixed at a certain price and cannot be raised above that price. For example, the laws may prohibit the landlord from raising rents at all, or may prohibit him from raising rents more than a certain dollar amount or percentage on an annual basis or when the lease term is up. Generally, the laws establish a maximum price ceiling, and the rents in rent controlled apartments generally tend to be much lower than prevailin
