Stuy Town Ruling Already Screwing Other Commercial Landlords


Last week’s ruling against the owners of New York City mega-plex Stuyvesant Town, which noted that the landlords improperly raised rates, is already being used as a precedent against others.

NY DailyNews (via SquareFeet): Residents of 1600 Sedgwick Ave. in Morris Heights allege that landlord Riverview Redevelopment illegally jacked up rents to market rates on 80 apartments after taking them out of a federal affordable housing program last February.

Grenadier Realty, which manages the property, wants to evict tenants who won’t pay the hiked rents.

The attorneys for the Sedgwick tenants believe this precedent will strengthen their case, since Riverview receives the same type of tax breaks.

At issue is more than just the jacked-up rents, according to Wright.

“Rent-stabilisation law goes beyond the issue of rent, and includes a host of eviction protections for tenants,” said Wright. Read the whole thing >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at