On June 14, 2019, Governor Andrew Cuomo signed off on the “Housing Stability and Tenant Protection Act of 2019” (TPA) (see Senate Bill 6458), 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.
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