Given the rising cost to rent in New York City, the law is designed to make sure that some residents are able to rent a place to live or stay in their current residence without having to pay escalating prices to do so. This is known as rent stabilization. Many people seek to have a rent stabilized apartment because it is beneficial both financially and practically. Understandably, landlords would like to be able to maximize their earning power commensurately with property costs and other maintenance issues. They are concerned about people keeping their rental without paying any increases in rent. This is often the foundation for a dispute.
Those who are involved in a dispute over rent stabilization, whether it is from the perspective of an owner or a renter, must make sure to understand their legal rights as well as landlord/tenant law. One reason this must be done is because there are requirements that must be adhered to when there is a rent stabilized residence. If these requirements are not met, then it is possible that litigation might be necessary to settle the matter.
In some cases, disputes arise when a person who rented an apartment a long time ago has taken steps to retain it that might not be in full compliance with the initial rental agreement. The property owner might then shirk his or her landlord obligations and try to coerce the resident to leave, thereby leaving the apartment open to a significant increase in the rental price. Since rental property can be so lucrative in New York, it is not unusual for both sides to engage in a disagreement over this and other rent stabilization issues.
With landlord-tenant disputes, there is often the temptation to take matters into one’s own hands. This is a mistake that can make matters worse. The wisest course of action is to adhere to the law in an attempt settle any rental property dispute. To do that, it is imperative to have a qualified attorney to go through the process to address the matter in the most beneficial way possible.