The past two and a half years have been a challenging and unprecedented period for New York and the rest of the country. Nevertheless, as we all continue to adjust to post-COVID realities, New York real estate practitioners and the real estate industry more generally should be monitoring several pending constitutional challenges in the federal courts that, if successful, could profoundly alter New York’s real estate landscape. We summarize those challenges below.
Rent Stabilization Law/HSTPA Challenges
As readers of this column are aware, New York State enacted the Housing Stability and Tenant Protection Act (HSTPA) in June, 2019. The HSTPA, inter alia, significantly strengthened and expanded rental and housing regulations under the Rent Stabilization Law of 1969 and the Emergency Tenant Protection Act (collectively, the “RSL”).