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NYC Landlords Worried About Stuy Town Rent Ruling
By
Jen Chung
Published Mar 15, 2009
Modified Mar 15, 2009
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By
Jen Chung
Published Mar 15, 2009
Modified Mar 15, 2009
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As landlords and tenants await what happens next regarding the ruling that found Stuyvesant Town rents were wrongfully raised while its owner received tax breaks, the NY Times looks at how the real estate industry is nervous. The J-51 tax break program was "meant to encourage building renovations," and after significant renovations, landlords "are allowed to pass along a portion of the renovation costs to the tenants’ rent. As a result, landlords can raise rents that exceed or approach the $2,000 deregulation threshold." In the case of Stuyvesant Town, it's argued rents went up too much (the Observer has some examples). Right now, the ruling has been stayed, but a court must decide whether to let Stuy Town owner Tishman Speyer appeal; if upheld, the Times reports, "Industry officials say the decision could affect as many as 80,000 apartments in the city, trigger widespread defaults on loans, eliminate construction jobs and reduce property tax revenues for the city." Tenants' advocates, though, say the real estate industry is exaggerating.
Tagged
rent regulation
Rent Ruling
stuy town
Stuyvesant Town Peter Cooper Village
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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