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NY Supreme Court ruling helps keep rent costs in check

A recent ruling was made by New York Supreme Court Judge Debra James regarding a suit filed by the Rent Stabilization Association, which represents owners of approximately one million apartments in New York. The association went to court against the Rent Guidelines Board, who had stopped rent increases two years in a row.

The board, consisting of nine members chosen by Mayor Bill de Blasio, and has been drawing the ire of landlords in the city for putting on multiple rent freezes to help protect tenants and lessen rising prices of real estate in the city. The entity is responsible for making the determination on how much leases can go up in a given year.

The ruling specifically affects buildings that were constructed prior to 1974 that contain at least six units and that are not deregulated, which may occur for rentals higher than $2,700. De Blasio praised the ruling, stating that, "The people won and the landlords lost." He went on to say that the courts favored the tenants needs over the landlord's greed.

The state and city of New York has specific laws in place to make certain that agreements between landlords and tenants are honored and to lessen the likelihood of relationships between the two from souring. If you find yourself in a landlord/tenant dispute, you may wish to speak with a law professional to make certain that your rights have not been violated and to protect you and your home. Having a team on your side to defend your rights may mean the difference between staying in your home or being kicked to the streets by an illegal eviction.

Source: Observer, "'The People Won and the Landlords Lost' - Bill de Blasio Cheers Rent Freeze Ruling," By Will Bredderman, March 29, 2017

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