Is it rent controlled? That would make it really valuable. If you moved in , say 50 years ago, you're still paying the 50 Y.O. rent until you move.
Rent control in New York is a means of limiting the amount of rent charged on dwellings. Rent control and rent stabilization are two programs used in parts of New York state (and other jurisdictions). In addition to controlling rent, the system also prescribes rights and obligations for tenants and landlords.[1]
Each city in the state chooses whether to participate. As of 2007, 51 municipalities participated in the program, including Albany, Buffalo and New York City, where over one million apartments are regulated. Other rent-controlled municipalities include Nassau, Westchester, Albany, Rensselaer, Schenectady and Erie Counties.[2]
In New York City, rent stabilization applies to all apartments except for certain classes of housing accommodations for so long as they uphold the status that gives them the exemption.
Rent control in New York is a means of limiting the amount of rent charged on dwellings. Rent control and rent stabilization are two programs used in parts of New York state (and other jurisdictions). In addition to controlling rent, the system also prescribes rights and obligations for tenants and landlords.[1]
Each city in the state chooses whether to participate. As of 2007, 51 municipalities participated in the program, including Albany, Buffalo and New York City, where over one million apartments are regulated. Other rent-controlled municipalities include Nassau, Westchester, Albany, Rensselaer, Schenectady and Erie Counties.[2]
In New York City, rent stabilization applies to all apartments except for certain classes of housing accommodations for so long as they uphold the status that gives them the exemption.
