Proposed Amendments to Regulations in Housing Stability and Tenant Protection Act of 2019 Released
The bill that radically reformed New York City’s rent laws impacting rent regulated and rent stabilized housing was signed by former Governor Cuomo on June 14,2019. The Housing Stability and Tenant Protection Act of 2019 (HSTPA) marked the first time in decades that major reforms to the rent laws were enacted; and for the first time extended the protections to other New York State counties that choose to opt in and facing a housing emergency. According to an August 17, 2021 blog post by NYU Furman Center, HSTPA expanded protections for New York renters and sharply limited the opportunity for regulated rents to rise at rates higher than the Rent Guidelines Board’s (RGB) annual limits; and for these reasons, prior to the law’s passage, the HSTPA would negatively impact building values in the short- and long-term. Long awaited proposed amendments to various regulations within HSTPA — Rent Stabilization Code, the Tenant Protection Regulations, and the State and New York City Rent Control Regulations were released by the New York State Division of Housing and Community Renewal (DHCR) on Wednesday, August 31, 2022, intended to address the changes wrought by the HSTPA. A public hearing conducted by DHCR will be held in New York City on Tuesday, November 15, 2022.