Old Rules vs. New Rules: Anatomy of HSTPA's Effect on Rent Increases
The Housing Stability and Tenant Protection Act (HSTPA) of 2019, which went into effect on June 14, 2019, made dramatic changes to how rents can be raised. It changed formulas for vacancy leases, major capital improvements (MCI), and individual apartment improvements (IAI). Before HSTPA, rent increases eventually allowed an owner to deregulate rent-stabilized apartments after their rents had passed a certain threshold ($2,774.76). Once an apartment was deregulated owners could charge market rents and the tenant would no longer be protected by rent stabilization.