Roughly half of the city’s apartments are rent stabilized. When you’re in a rent-stabilized apartment, the landlord can only increase your rent by a percentage determined by the Rent Guidelines Board.
Rent Controlled apartments are largely a thing of the past. They were first established between the wars to keep rentals affordable for the poor. The laws are no longer applied to any new properties and rent controlled apartments are held onto by the elderly and passed down to family members, such is the scarcity (and the very cheap rent – some are still paying 1970s rental prices) of these valued entities.