Rent declines imminent for 300,000 tenants

TRD New York /
Jan.January 26, 2010 01:01 PM

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.”

Related Articles

Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Some landlords say they plan to close the door to vacant apartments and wait for the laws to change (Credit: iStock)

Creative ways NYC landlords are getting around the new rent rules

Clockwise from left: 5203-5207 Church Avenue in Brooklyn, 119-40 Metropolitan Avenue in Queens, 855 East 217th Street in the Bronx and 31-35 Steinway Street in Queens (Credit: Google Maps)

Going once, Going twice! Rent-stabilized portfolio hits auction block

Taconic Investment Partners’ Charles Bendit and A&E Real Estate Holding’s Douglas Eisenberg (Credit: Getty Images, iStock)

Multifamily heavyweights pitched rent plan before Albany hammered landlords

Cea Weaver and the Nassau County Courthouse (Credit: Wikipedia)

Tenant group attacks Democratic senators for taking real estate money

E.L. Tower in Rochester, New York (Credit: Google Maps, iStock)

Tenant organizing rights at stake in arrested activist’s case

Parkoff Organization's Adam Parkoff and Community Housing Improvement Program's Jay Martin

“It’s not the end of the world,” landlord says of new rent laws