Posted by Mark Smith on April 10, 2000 at 22:31:35:
In Round 1 of what could be a long battle that may ultimately end up in the New York State Court of Appeals, a Manhattan Supreme Court Justice has ruled that the New York City Council had the power to change the formula by which the Maximum Base Rent (MBR) for a rent controlled apartment is calculated. The revised formula results in a substantially lower MBR than that calculated under the old formula.
Landlords and the Rent Stabilization Association challenged the local law, saying that it violated the state's Urstadt law, which prohibits New York City from passing rent regulatory laws that are, in effect, more more restrictive on landlords.
The New York Law Journal article, in the Tuesday, April 11th edition, has some errors in defining which apartments are rent controlled and which are rent stabilized, but is otherwise accurate.
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