ALBANY – In a case that could have significant implications for New York City’s housing market, the Court of Appeals will consider whether the owners of Stuyvesant Town and Peter Cooper Village in Manhattan illegally deregulated 3,000 rent-stabilized apartments.
Landlords throughout the city fear they could be forced to return millions of dollars in rent overcharges to tenants if a lower court ruling in the $200 million lawsuit is upheld. However, while landlords have raised the spectre of economic ruin, tenants’ groups have sought to downplay the wider impact of the case.
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