Rangel, chairman of the House Ways and Means Committee, appears to have earned more than the $175,000-a-year ceiling for rent protected apartments, the New York Post reported.
Rangel earned between $172,802 and $185,200 in 2006 and $175,811 to $187,200 in 2007, the Post reported.
The newspaper said Rangel paid $3,894 a month in 2007 for four apartments in Lenox Terrace, a 1,700-unit luxury complex that have market rents of between $7,465 to $8,125.
Rangel has given up the unit he used as an office, while he and his wife live in the other three apartments.
New York City's rent guidelines allow owners of rent stabilized apartments to deregulate apartments if they can prove tenants earned more than $175,000 in two consecutive years.
Rangel is the target of several congressional ethics investigations related to his finances.