Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Not So Fast: Stuy Town Rent Ruling Stayed
By
Jen Chung
Published Mar 14, 2009
Modified Mar 14, 2009
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Mar 14, 2009
Modified Mar 14, 2009
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
Developer Tishman-Speyer was granted a stay that pauses a ruling which found it wrongfully raised rents at Stuyvesant Town and Peter Cooper Village. Tishman bought the rent-regulated complex for $5.4 billion, hoping to profit on market-rate rents, but a state appeals courts found the rent increases shouldn't have happened since it was receiving tax breaks associated with rent-regulated properties. The Observer reports, "Rather than immediately re-regulate the 4,000-plus apartments in Stuyvesant Town that have been converted to market rents since 1993, as the appellate court’s decision would require, the stay calls for Tishman to calculate how much money it would owe in back rent to market-rate tenants and put that money in an escrow account." A lawyer for Stuy Town tenants says that Tishman could owe tenants $200 million and the ruling affects many other landlords who got tax breaks for property improvements and then deregulated apartment.
Tagged
real estate
rent
rent regulation
Rent Ruling
Stuyvesant Town
tax breaks
tishman speyer
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
2 pedestrians killed in Bronx crash after driver ran red light, police say
The NYPD said the investigation is continuing and no one had been arrested Saturday.
By
Brittany Kriegstein
and
Ann Givens
Published Oct 10, 2026
Rain could put a damper on NYC’s long weekend. Here’s when it will clear.
Remnants of Hurricane Isaias could bring more than an inch of rain, gusty winds and even a thunderstorm Sunday before conditions improve Monday.
By
Brittany Kriegstein
News
Rain could put a damper on NYC’s long weekend. Here’s when it will clear.
Remnants of Hurricane Isaias could bring more than an inch of rain, gusty winds and even a thunderstorm Sunday before conditions improve Monday.
By
Brittany Kriegstein
Holy civics! NYC schools' own comic books in the spotlight at Comic Con
By
Jessica Gould
What we know about the ICE shooting in NYC
By
Karen Yi
DSA to Mamdani: Fire NYPD commissioner if ICE doesn't leave NYC
By
Elizabeth Kim
,
Brigid Bergin
and
Ben Feuerherd
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .