The Housing Stability and Tenant Protection Act (HSTPA) has created significant challenges for owners of rent-stabilized buildings in New York State. While aimed at protecting tenants, the law has led to disinvestment, a collapse in property valuations, and vacant units due to stripped incentives for building improvements. Operating expenses have surged by 28% since 2020, far exceeding rent increases, creating a 17% income shortfall. Additionally, rising interest rates and post-COVID collection issues have further strained the financial viability of these buildings.
The Housing Stability and Tenant Protection Act resulted in disinvestment and vacant units, blocking income avenues and forcing owners to rely solely on the Rent Guidelines Board for relief.
Operating expenses for rent-stabilized buildings have risen significantly over the past five years, leading to a 17% shortfall between expenses and income.
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