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The 97% Discount
Picture this: a 29-unit rent-stabilized building in East Harlem, worth millions in 2016, just sold for 97% less. Yup, you read that right. Why? The 2019 Housing Stability and Tenant Protection Act (HSTPA) flipped the script—capped rent hikes, eliminated deregulation, and reduced Landlord cash flow. Rent-stabilized Landlords - different from their free-market counterparts - can’t keep up with 8% tax jumps or soaring insurance costs, so this building turned into a fire sale. It
Corey Cohen
Mar 28, 20252 min read
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