Press Release

New Report Highlights Disastrous Effects of 2019 'Housing Stability and Tenant Protection Act' on NYC Rent-Stabilized Housing Stock


February 28, 2024

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The survey – produced jointly by REBNY & RSA – is the largest collection of data on the economic impacts and effects of the 2019 law, covering roughly 242K units citywide

Building owners report they are unable to make necessary repairs to apartments due to the law, leading to higher vacancy rates in rent-stabilized portfolios, ongoing decline in the quality of rent-stabilized housing, and further exacerbating New York City’s housing crisis

NEW YORK (February 29, 2024) – A new survey on the state of New York City’s rent-stabilized housing stock released today highlights the disastrous effects of the 2019 “Housing Stability and Tenant Protection Act” (HSTPA). The report’s findings indicate that the HSTPA has made it impossible for many property owners to maintain rent-stabilized apartments. The findings also indicate that State lawmakers should address this worsening problem with policies that allow owners to invest in rehabilitating their rent-stabilized portfolios so more units can be put on the market and provide quality housing for New Yorkers.

The Real Estate Board of New York (REBNY) and the Rent Stabilization Association of NYC (RSA) jointly commissioned the study, which surveyed 781 residential property owners and managers of all types representing a total of roughly 242,000 units - about 11 percent of the City’s rental housing stock. This report is the largest of its kind and the first empirical analysis of the effects and economic impacts of the HSTPA on housing availability and quality using the most recent data available.

The report can be viewed at

“This extensive data indicates that the 2019 rent law changes are having increasingly negative economic impacts on rent-stabilized apartments and ultimately tenants,” said REBNY President James Whelan. “State lawmakers should follow the data and advance policies that facilitate the rehabilitation of dilapidated apartments in a manner that results in quality affordable housing without recreating the dynamics of vacancy decontrol.”

"The negative effects of the HSTPA are resonating across all five boroughs. With so many New Yorkers looking for habitable apartments, it’s clear the law must be changed,” said RSA President Joseph Strasburg.

“The results of this survey support what we’ve been saying for years: The 2019 rent law has been a disaster for small property owners and the rent-stabilized tenants who rely them to provide quality housing,” said Ann Korchak, Board President of Small Property Owners of New York (SPONY). “The situation won’t get any better for small owners and tenants until State lawmakers fix this law and make it possible to invest in the maintenance and improvements needed in rent-stabilized apartments. And things will get even worse if lawmakers go off the deep end and pass Good Cause Eviction, which would cause the same problems in every unit of housing across the state.”

The survey, which was conducted from November 2023 to December 2023 by HR&A Advisors on behalf of REBNY and RSA, provides data on how the HSTPA has wrecked the ability of property owners to pay for the upkeep of their property.


Availability of Rent-Stabilized Units

Since HSTPA was passed, owners are struggling to put rent-stabilized units back on the market once they become vacant – especially after long tenancies and particularly among small property owners with buildings of less than 11 units.

  • The vacancy rate is much higher in smaller buildings that are predominantly rent-stabilized. Owners with small portfolios with moderate rent stabilization have an 18% vacancy rate, while owners with small portfolios that are primarily rent stabilized have a 25% vacancy rate.

  • Longer-term vacancies, defined as three or more years, have trended upward from 2018 to 2023.

  • There are also fewer total vacant apartments than there were in 2018.

Fewer Filings for Much-Needed Apartment Improvements

Economic infeasibility of unit improvements is the most cited reason for continued vacancies.

  • Owners must register any Major Capital Improvements (MCI) and Individual Apartment Improvements (IAI) at rent stabilized properties. Despite the clear need, annual MCI and IAI filings have declined by 45% and 77%, respectively.

  • Among small portfolios with a higher share of rent stabilized units, 99% of buildings need MCIs and 78% of units require IAIs.

  • 30% of survey respondents cite economic infeasibility of unit improvements at the end of a long tenancy as the reason for continued vacancy.

  • Owners cite energy efficiency modifications, boilers, roof and wall repairs and plumbing as the top four categories of MCIs needed.

  • Kitchen and bathroom improvements are the most needed IAI categories.

Lack of Reinvestment Risks Harming City Tax Revenue

In New York City, property taxes are assessed based on a building’s Net Operating Income (NOI). NOI is equal to a building’s income minus operating expenses and is devoted to repayment of mortgage or other debt, reinvestment in the property and profit.

  • For every one percent drop in NOI across the rent-stabilized stock, rent-stabilized apartments will generate $67.3 million less in property taxes.

  • Potential NOI reduction is estimated between 40-60% across the rent stabilized stock by early 2030s.

  • The property tax revenue generated by the City’s rent-stabilized stock could fall by up to $2 billion on an annual basis.



The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association.

Founded in 1896, REBNY represents commercial, residential, and institutional property owners, builders, managers, investors, brokers, and salespeople; banks, financial service companies, utilities, attorneys, architects, and contractors; corporations, co-partnerships, and individuals professionally interested in New York City real estate. REBNY conducts research on various civic matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes, and other city, state, and federal legislation. REBNY regularly publishes market data, policy reports, and broker surveys. In addition, REBNY provides for its members: informational, technical, and technological resources; networking and charitable service opportunities; qualifying and continuing education courses; professional education programs, seminars, and designations; career-changing awards; legal advice; and a wide range of additional member benefits. For more information, please visit


The Rent Stabilization Association of NYC (RSA) is New York’s largest trade association representing rent stabilized apartment building owners and managers, in addition to coops, condos and other residential real estate. RSA’s thousands of diverse members collectively own and manage one million apartments in the metropolitan area. In addition, RSA provides compliance and casework services.


Shalini Ramaswamy for REBNY at / 609-802-5593

Michael Tobman for RSA at / 212-214-9255

Report available for download at HERE.

Topics Covered

  • Rent
  • Rent Stabilization
  • Residential