Find out What Rent Stabilized mean.

Why Should I Find Out if My Apartment is Rent Stabilized?  NYC RGB Website

If your apartment is rent stabilized, you have certain protections not guaranteed to other tenants, including:

1. Protection against unlawful rent increases. Rents under rent stabilization are adjusted annually by the Rent Guidelines Board. Additional increases for such things as major capital improvements or owner hardship may be permitted by the New York State Division of Housing and Community Renewal. Other increases, such as vacancy allowances and increases for individual apartment improvements may be permitted by operation of law. All rent increases must have some basis in law or administrative order.

2. The right to renew your lease. In the absence of a specific legal justification for non-renewal, rent stabilized tenants must be given a lease renewal offer between 150 and 90 days before the expiration of the existing lease. A one or two year lease may be chosen by the tenant. In addition, the landlord may not evict the tenant except for various causes specified in the Rent Stabilization Code.

3. Other rights include such things as protections against decreases in service, and succession rights for family members and significant others.

More information check out the following link.
http://www.housingnyc.com/html/guide/basics.html#stabilized