Rent Stabilization Clause Samples
The Rent Stabilization clause sets limits on how much and how often a landlord can increase the rent for a leased property. Typically, it establishes a maximum percentage or fixed amount by which rent may be raised within a given period, such as annually, and may also require advance notice to tenants before any increase takes effect. This clause is designed to protect tenants from sudden or excessive rent hikes, ensuring affordability and predictability in housing costs.
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Rent Stabilization. (a) Unless as otherwise required by the Financing, Tenant shall register all the Rental Units under the New York City Rent Stabilization Code, or city, state or federal successor rent regulatory laws then in effect upon a permanent reduction in or termination of a subsidy program applicable to the Development that prevents the Tenant from satisfying the Affordability Requirements or if a Tenant otherwise fails to meet the Affordability Requirements for some or all of the Rental Units and such failure continues beyond the cure period as set out in Article 15 hereof, and the rent amounts shall be proscribed and regulated by the New York City Rent Stabilization Code or city, state or federal successor rent regulatory laws thereafter; and
(b) Upon such registration required by Section 23(a) above, the Tenant will agree to advise the New York State Division of Housing and Community Renewal (“DHCR”) in writing that it has agreed to submit itself to the jurisdiction of the DHCR, or any successor agency administered by the State or New York City having jurisdiction over rent stabilized buildings (the “Regulatory Body”). Upon advising the DHCR that the Tenant has further agreed to submit itself to the jurisdiction of the Regulatory Body, the Tenant shall comply with all of the requirements thereof and shall remain subject to the jurisdiction thereof, or of any successor association or agency for the duration of the Lease.
Rent Stabilization