New York City is siding with the tenants of Stuyvesant Town and Peter Cooper Village, who sued their landlord, Blackstone, to “prevent the deregulation of thousands of rent-stabilized units when their leases start expiring in July,” according to a report which recently appeared in The Real Deal.
The tenants believe that the 2019 rent law amendments should “supersede” a deal Mayor Bill de Blasio made with Blackstone, back in 2015. And many real-estate experts are perplexed with the City’s decision to side with the tenants, since it means, according to some, that the government is backing away from an agreement made with Blackstone.
When The Real Deal called Newman Ferrara LLP’s senior partner Lucas Ferrara for his take on the lawsuit, he commented, in part:
‘The rent laws are quite clear that any waiver of rent regulation is unenforceable.’
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To read the full story in The Real Deal, click here: https://therealdeal.com/2020/03/06/city-sides-with-tenants-at-stuy-town-in-case-against-blackstone/