Rent stabilization != rent control - this is confusing for people in other parts of the country where there is only one category of housing price regulation.

60% of all NYC housing units are under some form of rent regulation - either rent control, rent stabilization, or some other form of rent protection. Only about 40% of the housing stock is market-rate.

On the other hand, many of those stabilized units are have market rate is less than the legal rate, and so are not effectively subject to price caps.

Of course those units aren't in Manhattan south of 96th street or hip Brooklyn, so the type of people who write blog articles don't care.

NYC has several kinds of rent control. Some are called "rent control" by the city, others are called "rent stabilization".

Economically, they are all rent control. And 60% of the city is subject to it.

Oh the injustice! Rent stabilization is only applicable to units costing $2500 or less (regardless of size), in buildings built between February 1, 1947 and January 1, 1974. http://www.nycrgb.org/html/resources/faq/rentstab.html#when