David Hershey-Webb ©2019 David Lubarsky The Intended Consequences of the HSTPA
In his Housing Law column, David Hershey-Webb discusses the benefits for tenants of the new Housing Stability and Protection Act, which he describes as "the strongest rent regulations in decades and a first step in bringing balance back to the rental real estate market." He recognizes, however, that all new laws have "unintended effects" and revisions may have to be made If any of these unintended effects undermine the beneficial intended effects of the new law.
December 10, 2019 at 12:12 PM
5 minute read
The Real Estate Industry's public relations campaign against the Housing Stability and Protection Act (HSTPA) of 2019 is well under way. In article after article, industry representatives, including landlord attorneys, are making the same predictions they have made after every strengthening of the rent laws since the 1920s: repairs and improvements will not be made, developers will stop building, young people will not be able to find apartments, etc … See for example, "HSTPA—2019: Some Observations," Estis and Turkel, NYLJ July 2, 2019 (predicting "cheap, shabby apartments"); "How the New Rent Laws will slam NYC's Housing Market," New York Post, July 24, 2019 (predicting less development of affordable housing); "Fed Up: Major Landlords Consider Leaving New York," Crains NY Business Aug. 20, 2019 (predicting that developers will flee to Florida).
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