Report: HSTPA Has Disastrous Effects on NYC

A new survey commissioned by the Real Estate Board of New York (REBNY) and the Rent Stabilization Association of NYC (RSA) reveals the detrimental impact of the 2019 “Housing Stability and Tenant Protection Act” (HSTPA) on New York City’s rent-stabilized housing stock.  

The study, encompassing 781 property owners and managers representing approximately 242,000 units, indicates that the HSTPA has hindered property owners’ ability to maintain rent-stabilized apartments, leading to challenges in putting units back on the market and making necessary improvements. The survey underscores the urgent need for state lawmakers to address these issues by allowing owners to invest in rehabilitating their properties. Without policy changes, the quality and availability of affordable housing in New York City could further deteriorate, impacting both owners and tenants, according to the study.  

“State lawmakers should follow the data and advance policies that facilitate the rehabilitation of dilapidated apartments in a manner that results in quality affordable housing without recreating the dynamics of vacancy decontrol,” said REBNY president James Whelan. 

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