Rent declines imminent for 300,000 tenants

January 26, 2010 01:01PM

Approximately 300,000 rent-stabilized tenants in New York City could receive rebates and modest declines in their rents, according to the New York Times, now that a State Supreme Court judge in Manhattan has ruled against a 2008 rental increase imposed on lower-paying tenants by the city’s Rent Guidelines Board. The tax, a $45-per-month levy on renters whose monthly rate was $1,000 or less and who had been living in the same apartment for more than six years, had drawn ire from the City Council and from community advocates. The city is likely to appeal the State Supreme Court judge’s decision. Michael Cardozo, counsel to the city, who represents the Rent Guidelines Board, said that the board disagrees with the decision and with its timing. “We are especially disappointed that it has taken the court over a year to issue a ruling relating to 2008 rents that will cause confusion for thousands of rent-regulated tenants and owners throughout the city,” Cardozo said. “We intend to appeal, and will seek to ensure that the ruling does not go into effect until the appeal has been decided.”

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