After Stuyvesant Town and Peter Cooper Village were purchased, a group of tenants brought legal action to challenge the new owners’ ability to take apartments out of rent stabilization through the “luxury decontrol” rules which came into effect in 1993. Under that provision of the law, when rents exceed $2,000 on vacancy or when an existing tenant’s income exceeds $175,000 and the rent for their apartment exceeds $2,000, the owner can apply to DHCR to remove that apartment from rent stabilization.
We have followed the case since 2007, when Judge Richard B. Lowe of the New York State Supreme Court indicated that accepting J-51 tax benefits from New York City did not prevent a building owner from utilizing the high rent and luxury decontrol provisions of the rent stabilization law.
Our aim through the process has been to write clear, straightforward briefings on the latest news coming out of the case to make sure that people are correctly informed about this complicated and controversial issue. See all of the latest news here.