N.Y. Landlords Fight Back as Rent Refunds Loom
source: http://www.nytimes.com/2009/03/15/nyregion/15stuytown.html?_r=1&partner=rss&emc=rss
-
-
- TravG73
- added this
The real estate industry in New York City is mobilizing with an intensity not seen in years as it faces an almost unheard-of possibility: a court order that it may have to return hundreds of millions of dollars in rent.
The state appeals court decision bars New York City landlords from deregulating apartment rents while receiving a popular tax break meant to encourage building renovations. 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.
The state appeals court decision bars New York City landlords from deregulating apartment rents while receiving a popular tax break meant to encourage building renovations. 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.
-
- groups:
- Community
-
- tags:
- News, US, New York City, Landlord
