Federal Rent Stabilization Act

Summary

Federal Rent Stabilization Act - Provides for Federal rent stabilization under the Economic Stabilization Act. Sets forth the definition of terms used in this Act. States that, with respect to any lease in a low-vacancy area entered into during a low-vacancy period, no person may charge a monthly rent which exceeds the highest monthly rent previously charged for the same residence plus: (1) 2.5 percent thereof with respect to each consecutive twelve-month period beginning at the end of the preceding period of occupancy; and (2) the actual amount of any increase in tax, fee, or service charge levied by a State or local government and any necessary capital improvement after the beginning of the preceding period of occupancy (and not previously charged to any lessee) and allocable to that residence. Provides that any person who, after January 11, 1973, charged a rent in excess of the maximum amount permitted during a low-vacancy period shall refund to the lessee the entire excess amount or credit such amount on a prorated basis against the lessee's future rent payments. Excepts from this provision single-family dwelling units. Permits the President or his delegate to grant an exception when the operation of this Act would cause serious financial hardship to a lessor. States that no lessor shall take retaliatory action against any lessee who exercises any rights conferred upon him by this section. Makes it unlawful for any lessor to reduce services customarily provided by him, in consequence of the provisions of this section.

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1 official file

• Introduced in House

  summary · EN · 14 March 1973

  Open at official source

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