Rent stabilized, rent controlled, etc.

[Michael Baffuto]

Hi All, I’m looking at a property in NJ for a house hack. I’d live in one unit and rent the other 2. In union city you can increase the rent as much as you’d like as long as you live in one unit. The moment I move out I’d have to adhere to “Rent Controlled” guidelines. I read that rent controlled only kicks in if someone has lived in the unit since 1974. If not, it then takes on “Rent Stabalized” guidelines. I callLED the municipal office to find out more but they haven’t been to helpful. How would I go about finding out this information? My question is how does rent stabalization work? Am I correct when saying the rent increase guidelines only apply to someone who is renewing their lease rather than a brand new tenant signing a brand new lease? Any help would be greatly appreciated. Thanks