Way back in the rosy-colored days of 2009, tenants of Stuy Town and Peter Cooper village rejoiced after a the Court of Appeals ruled that their landlords illegally raised rents on 4,400 formerly rent-stabilized apartments while simultaneously collecting city tax breaks. But how would the poor landlords get out from under the steel-toed boot of "the law" so they could once again nobly raise rent, for capitalism? Easy! Just "empty [your] piggy bank" into a legislator's piggy bank and voila! A law is born!
Today's NY Times reports that State Senator Catharine Young's bill, which would force landlords to give back the tax benefits and thus allow them to raise rent at "free-market rates," is called "a legislative solution" by
people who light their cigars with 9-week-old kittens the Real Estate Board of New York.
Councilman Daniel Garodnick tellingly says "why you would allow a landlord to benefit from circumventing the rent regulation laws is beyond me." Take it away, Adam Rose, president of Stuy Town/Peter Cooper's management company: "it makes no sense that these well-heeled tenants should gain a windfall from this court decision." Well-heeled (do Rockports count?) tenants like Thomas Shamy, who had to uproot his family in 2006 after being informed of a 28% rent increase. "At the time, my wife was four months pregnant with our first child, and we anticipated remaining in the child-friendly Stuyvesant Town community," he whines. Oh please, just sweat it out at your summer home.