The Housing Stability and Tenant Protection Act of 2019 (HSTPA), enacted on June 14, 2019, marked one of the most sweeping reforms to landlord-tenant law in New York’s history. Sponsored by Senate Majority Leader Andrea Stewart-Cousins, Assembly Speaker Carl Heastie, and Assembly Housing Chair Steven Cymbrowitz, and signed into law by Governor Andrew Cuomo, the legislation fundamentally reshaped housing policy across the state.
year
2026
policy
Housing Policy
category
Property Owners
What Changed for Tenants
HSTPA significantly strengthened tenant protections by reforming rent regulation, fees, and eviction laws:
Rent Regulation Reforms
Elimination of vacancy decontrol — regulated apartments now remain regulated permanently
End of high-income deregulation
Strict limits on rent increases tied to renovations and capital improvements
Security Deposits & Fees
Security deposits capped at one month’s rent
Deposits must be returned within 14 days with itemized deductions
Application and background check fees capped at $20
Eviction & Lease Protections
Stronger notice requirements (30–90 days for rent increases or non-renewals)
Extended timelines for eviction proceedings
Prohibition on tenant blacklisting
Additional Protections
Late fees capped at $50 or 5% of monthly rent
Expanded protections beyond NYC
Statewide applicability
In summary: HSTPA shifted power significantly toward tenants, creating greater housing stability, predictability, and protection from displacement.
What Changed for Property Owners and Managers
The law also created profound structural and financial impacts on housing operations:
Loss of Rent Growth and Deregulation Options
Permanent rent stabilization for regulated units
Annual rent increases tightly capped by the Rent Guidelines Board
Elimination of deregulation pathway
Result: Frozen revenue growth and sharp declines in property values
Renovation and Investment Constraints
Severe limits on Individual Apartment Improvements (IAIs)
Caps and expirations on Major Capital Improvement (MCI) increases
Result: Reduced reinvestment and deferred maintenance in many buildings
Financing and Valuation Challenges
Property values declined in some cases by 25–50%
Lenders tightened financing standards
Multifamily sales activity dropped
Result: Lower liquidity and limited refinancing options
Operational Burdens
Increased compliance, documentation, and legal risk
Strict timelines, notices, and administrative rules
Result: Higher operating costs and legal exposure
Housing Court Shifts
Slower eviction timelines
Increased tenant protections in court proceedings
Result: Higher legal costs and longer unit recovery times
In short: HSTPA transformed New York’s rental market into a deeply regulated system—providing long-term tenant security, but reducing investment incentives, building income, and operational flexibility for owners.
The Path Forward
At Gotham Housing Alliance, we believe housing policy should not be a pendulum swinging between extremes. Sustainable housing requires both tenant protection and viable property ownership.
That’s why we are working with local elected officials and community leaders to pursue balanced reform—policies that:
Protect tenants from displacement and instability
Preserve housing quality and building safety
Encourage responsible investment
Support long-term housing sustainability
Create fair outcomes for both tenants and property owners
Our goal is not to dismantle tenant protections — but to refine and rebalance the system so New York’s housing ecosystem remains stable, fair, and functional for everyone. How? Very simply, property owners will use their own money, not the $25,000 - $50,000 taxpayer money HPD was offering us for their incompetent “Unlocking Doors Initiative”. Upgrade our units, making them modern & livable. Once we do that, we can bring the apartments back on the market, raise the rents to market value as a reset so to speak, & then lock them into that rate & keep them rent stabilized. Win-win for everyone!
Strong communities require stable tenants and sustainable buildings.
HL
Executive Director
Stand With Gotham Housing Alliance
We are committed to building policy solutions that serve both.
Gotham Housing Alliance is on the front lines pushing back against the wave of anti–property owner legislation reshaping New York City. Our team is actively challenging harmful policies through legal action and legislative advocacy—but we cannot do it alone.
With experienced lobbyists in Albany and a growing statewide coalition, we are building real momentum to reform laws like the Housing Stability and Tenant Protection Act that have destabilized the housing market and made property ownership increasingly unattainable for everyday New Yorkers.
If we fail to act, the consequences will not stop with today’s property owners. They will be felt by future generations of New Yorkers—through reduced housing quality, fewer opportunities for ownership, and a weakened housing economy.
This is the moment to stand together and act.
– Gotham Housing Alliance
