Rent Control or Rent Stabilization
Definition
Two different methods by which a municipality attempts to ensure a supply of affordable housing. Rent control, the less common method, fixes rent until the occurrence of a specific event (for example, a change in an apartment's tenant), at which point the landlord may increase the rent. Rent stabilization, the more common method, permits the landlord to increase rent periodically, up to a certain percentage of an apartment's base rent.