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“The tenants argue the current and former owners of the properties,
respectively, were not entitled to take advantage of the luxury decontrol
provisions of the Rent Stabilization Law, while simultaneously receiving tax
incentive benefits under” New York City regulations, the court wrote. “We
agree.”
The ruling upheld a decision by a lower appeals court in Manhattan. That
court ruled in March that Tishman and the prior owner, MetLife Inc., wrongfully deregulated the apartments
by raising the rents because of a sale of the property in 2006.
Today’s decision means the companies might have to pay millions of dollars in
rent rebates to thousands of tenants. State law entitles tenants to triple
damages for illegal rent increases, lawyers in the case said.
‘Financial Consequences’
“Defendants predict dire financial consequences from our ruling, for
themselves and the New York City real estate industry generally,” the court
wrote today. “These predictions may not come true; they depend among other
things, on issues yet to be decided, including retroactively, class
certification, the statute of limitations, and other defenses that may be
applicable to particular tenants.”
I must wonder what the current court ruling ALLOWING huge increases uses as justification to countervene the ruling of these two presumably lower courts????
Did the company NOT take benefits and thus decontrol illegally? Has the stabilization law been changed to read that a company can take tax benefits geared towards maintaining affordability and still decontrol apartments? Were the first two judges declared mentally incompetent?
I know that the Supreme Court rules without rhyme or reason, makes laws and even selects presidents, but has that tendency extended downward to State courts?
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