New York's HSTPA: How the 2019 Law Reshaped Rentals

A landmark tenant law

New York's Housing Stability and Tenant Protection Act (HSTPA), passed in 2019, was one of the most sweeping tenant-protection laws in the country — and it still defines how landlords operate across the state today.

What it changed

• Security deposits capped at one month's rent statewide.
• Application fees limited (generally to around $20 for background/credit).
• Rent stabilization strengthened and expanded, with permanent provisions.
• Evictions slowed, with longer notice periods and more tenant protections.
• Late fees limited.

What it means for investors

The practical effect: New York is a high-compliance, tenant-protective environment, especially in and around New York City's rent-stabilized stock. Many investors focus instead on upstate metros — Buffalo, Rochester, Syracuse — where prices are low and yields are strong, while still operating under HSTPA's statewide rules.

Don't forget New York's separate LLC publication requirement, which can add meaningful cost (especially downstate).

General orientation only — verify current law or consult a New York attorney. See the New York investor guide for the full picture.