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Article: Landlords will survive Stuy Town verdict; Ruling will affect far fewer units, owners than feared.(NEWS)
- Article from:
- Crain's New York Business
- Article date:
- October 26, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: THERESA AGOVINO AND AMANDA FUNG
Last week's appeals court ruling that many New York landlords had long predicted would prove cataclysmic now looks to be nothing of the sort. The state's highest court barred landlords from deregulating apartment rents in buildings receiving certain tax breaks. While some landlords will undoubtedly suffer mightilyand some tenants benefit hugelyfor the overwhelming majority, life will go on as before.
"It's certainly bad for [some], but it's not a decision that will affect tens of thousands of apartments, says Steven Spinola, president of the Real Estate Board of New York. "There may be tens of thousands of people ...