On May 21, 2025, our Chapter held a panel discussion on the causes and consequences of the rent regulations law known as the Housing Stability and Tenant Protection Act (HSTPA) of 2019. The panelists were LAI member and low-income housing developer Michael Lappin of MLappin & Associates and Matthew Murphy, Executive Director of the NYU Furman Center. The panel moderator was Ingrid Gould Ellen, the Paulette Goddard Professor of Urban Policy and Planning at the NYU Wagner Graduate School of Public Service and Faculty Director at the NYU Furman Center.
The panelists first discussed the elements of the law, which were intended to keep housing affordable in the city’s nearly one million rent-stabilized units. However, the law, which limits how much landlords can raise rents on vacated units and how much of capital improvements can be passed along to tenants, is having the unintended consequence of reducing upgrades and maintenance of these buildings. Furthermore, the limits on rent increases are making it more difficult for landlords to cover their expenses.
The panelists then discussed possible remedies. Mike Lappin proposed that mortgage lenders work with the City and building owners to help reduce the burdens of the law. For example, the City can expand its J-51 program, which gives tax abatements for upgrades, and New York State can offer mortgage insurance to banks that lend to landlords for capital improvements.
The Q&A portion provided a lively debate on the state of New York’s affordable housing stock. Attendees agreed that the discussion was both substantive and balanced. However, there was a broad consensus that the State and City should consider reforms to ensure that housing remains affordable, well-maintained, and profitable.
