rent control

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rent control,

in economics and law, government regulation of rent to prevent unreasonable or excessive increases. In the United States, the federal government imposed rent control (and other price controls) during World War II, and continued it in several cities after the war because of housing shortages. It was later turned over to the control of individual states and municipalities and has since ended in most locations.
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However, ETPA buildings use the same Rent Stabilization Code as rent stabilized buildings.
The effort will return almost 2,000 buildings in Manhattan, more than 500 buildings in the Bronx, more the 800 buildings in Brooklyn, more than 700 buildings in Queens and nearly 20 buildings in Staten Island to rent stabilization.
The couple appealed after a lower court sided with the city, which in a legal brief called Rent Stabilization Law a "legitimate exercise of government police power" that neither "requires an owner to suffer a permanent physical invasion" of his or her property, nor takes away its profitability.
The legislation would include provisions that would return these units to rent stabilization, that would establish a mechanism for determining rent and overcharges and that would bring order and clarity to the owners and occupants of the 40,000 units affected by the Court of Appeals decision.
Jack Freund, vice president of the Rent Stabilization Association, also recognizes that the plan gives needed support to developers.
Rent stabilization often significantly diminishes a rental building's cash flow and consequently can seriously dampen its value.