what is rent stabilized apartments

Rent-stabilized apartments are a form of housing where the rent is regulated to prevent it from rising too quickly, providing a form of insurance for tenants against unreasonable rent increases. This regulation originated in the first half of the 20th century and aims to keep existing housing affordable, protect against wrongful eviction, encourage a variety of income levels within a neighborhood, and increase tenant retention. Rent stabilization is different from rent control, as it permits a small increase in rent per year that's set by local ordinances, whereas rent control mandates that the cost of rent must stay the same indefinitely. Rent-stabilized apartments are more commonly found in densely populated areas and are typically located in older buildings that meet certain qualifications. They are more common than rent-controlled apartments, and finding them can be a challenge due to limited supply and high demand