NYC Landlords Stuck In Rent Stabilization Program, Court Rules

Law360, New York (October 23, 2012, 6:14 PM EDT) -- A 1,000-unit New York City apartment complex can't give up lucrative tax breaks so it can deregulate apartments previously rent-stabilized, a state appeals court ruled Tuesday, striking a blow to landlords in the wake of the landmark Stuyvesant Town rent stabilization decision.

A five-judge panel of a state appeals court found that the London Terrace apartment complex in Manhattan's Chelsea neighborhood couldn't withdraw from a program that gives landlords J-51 tax breaks in return for making apartments subject to rent stabilization because it never had a...
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