Historic buildings along 59th Street with the Midtown Manhattan skyline in the background. Photo: Ryan DeBerardinis/Adobe Stock Laws of Unintended Consequences Leave Landlords Caught in Legislative Nets
The burden of ameliorating New York City's homelessness problem should not be borne by landlords alone. The time has come for the legislature to balance the impact of the housing crisis by providing funding and assistance to landlords, not just tenants.
March 09, 2023 at 04:10 PM
8 minute read
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The Housing Stability and Tenant Protection Act of June 2019 (the HSTPA) and the pandemic-related regulations created in 2020 and 2021 cast a wide net across New York fraught with knots, holes, and snags which have ensnared landlords trying to recover from three years of financial turmoil. Well-intentioned Legislative efforts to protect tenants and forestall evictions of those facing potential homelessness included inherent flaws and inconsistencies in both the wording and the application of the HSTPA, the COVID-19 regulations, and programs like the Emergency Rental Assistance Program (ERAP), and have led to Constitutional challenges and required numerous exceptions and carve-outs to be made in much of the legislation to try to mend the damage done.
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