Six years after New York State passed the Housing Stability and Tenant Protection Act (HSTPA), owners of rent stabilized buildings are struggling with rising expenses, declining income, falling values and increasing distress. What Happened? Understanding the Impact of HSTPA HSTPA was designed to protect tenants, but its consequences have been severe for rent stabilized buildings resulting in: Disinvestment and Vacant Units: Eliminated incentives for apartment and building improvements. Valuation Collapse: Removed the ability to grow rents, resulting in eroding Net Operating Income (NOI) particularly in a significantly higher interest rate environment. Historical Parallels: Created conditions similar to the 1970s, when…

The IRS often challenges taxpayers who seek penalty abatements for late-filing penalties, particularly those related to international information returns. Generally, these cases focus on whether the taxpayer can demonstrate reasonable cause for non-compliance. Because the reasonable cause standard depends on the facts and circumstances, it is common for the government and taxpayers to disagree on whether the conduct at issue arises to a level of reasonable cause sufficient for penalty abatement. A recent federal district court order illustrates this point well. In Huang v. United States, No. 3:24-cv-062998-RS (N.D. Cal. 5/28/25), a pro se taxpayer challenged the IRS’ assessment of…