A recent study, commissioned by the Real Estate Board of New York (REBNY) and the Rent Stabilization Association of NYC (RSA), has revealed concerning consequences for New York City’s rent-stabilized housing stock following the implementation of the 2019 “Housing Stability and Tenant Protection Act” (HSTPA). The survey, which included input from 781 property owners and managers representing approximately 242,000 units, highlights how this legislation has impeded their ability to maintain these apartments. As a result, there have been challenges in making necessary improvements or putting units back on the market. This underscores an urgent need for state lawmakers to address these issues by allowing owners to invest in rehabilitating their properties. Failure to do so could lead to further deterioration in both quality and availability of affordable housing in New York City.
Accordingly, REBNY president James Whelan urges state lawmakers not only consider this data but also advance policies that facilitate rehabilitation efforts without recreating vacancy decontrol dynamics. Doing so would ultimately result in high-quality affordable housing options for both owners and tenants alike.
The article originally appeared on Connect CRE.
