The Impact of NYC’s New Rent Law on Landlords & Tenants
On June 14th, Governor Andrew Cuomo approved the “Housing Stability and Tenant Protection Act of 2019” (TPA), a package of rent laws which represent a sea change from the laws that have governed landlord-tenant relations in New York City for decades, and significantly bolster residential tenant protections for the more than 2.2 million rental units in NYC. As expected, public reaction to the TPA is sharply divided, with tenant advocates celebrating it as addressing long-time housing inequality brought on by steeply rising rents, while landlords predict that the TPA will disincentivize investment in new development and redevelopment of residential rental buildings, ultimately harming both landlords and tenants.
In their latest article for the New York Law Journal, Bryan Mohler and Rachel Shaw examine the TPA and its impact on the residential rental market in New York City, including how landlords and tenants are expected to adapt to this new reality.
