Tenants Sue Insurance Co. Over Rent Hikes

Law360, New York (January 23, 2007, 12:00 AM EST) -- Thousands of Stuyvesant Town and Peter Cooper Village tenants in New York on Monday filed a class action against landlords Metropolitan Life Insurance Co. and Tishman Speyer Properties LC for allegedly pocketing almost $25 million in tax breaks.

Past and present tenants of the sprawling 11,200-apartment complex accused the companies of disregarding the New York City J-51 program, which provides real estate tax relief on the condition that landlords maintain rent-stabilized rates.

Since about 2001 or 2002, MetLife has purportedly been charging tenants market prices while...
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