Court ruling could be nightmare for landlords

March 16, 2009 09:34AM

A state court ruling made two weeks ago said that landlords cannot deregulate apartments in buildings that receive certain tax breaks, and Crain’s looks at the impact of this ruling on landlords. The court decision could prevent deregulation at complexes like Stuyvesant Town and Peter Cooper Village, where at least one tenant, Ken Chanko, has filed a lawsuit against landlord Tishman Speyer demanding that his lease be renewed at the rent-stabilized rate. About half of the 2 million rental apartments in the city are regulated, and the ruling could cost New York City landlords hundreds of millions of dollars.

Comments are closed.