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Court Declines to Block Retroactive Application of HSTPA
The Housing Stability and Tenant Protection Act of 2019 (HSTPA) amended the Rent Stabilization Law and, among other draconian changes, severely curtailed landlords' incentives to modernize and otherwise improve rent regulated apartments by limiting the ability to recover the costs of individual apartment improvements (IAIs) to vacant apartments.
Approximately 45 days prior to the enactment of the HSTPA on June 14, 2019, 300 Wadsworth LLC contracted for $99,580 in improvements to a vacant apartment in dire need of renovation. Shortly afterwards, the apartment was demolished, and the IAIs began. Pre-HSTPA the maximum allowable increase for IAIs was 1/60th of the total IAI costs expended, or $1,659.67; under the HSTPA, it became $83.33. Pursuant to the HSTPA, IAI increases became temporary and must be removed after 30 years.
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