Rent Stabilization in NYC was created in order to provide protection to tenants in three ways: affordability, habitability, and security of tenure. With the enactment of the Rent Stabilization Law of 1969 and with the Emergency Tenant Protection Act of 1974, it was clear that the lawmakers’ primary objective was to have fair and affordable rents. Rents in stabilized apartments are considered affordable because there are limits to how much a landlord can increase the rent. The properties that contain these stabilized apartments are generally those which have six or more units, and are built before 1974. However, new construction properties, including those with fewer than six units can also be Rent Stabilized if they are receiving special tax benefits such as: 421A and J-51 tax abatement. The aforementioned abatements are incentives for landlords to create or maintain affordable housing. Roughly half of all New York City apartments are rent stabilized.