In May, a few New York landlords along with the Rent Stabilization Association and the Community Housing Improvement Program filed a petition in the United States Supreme Court to consider arguments that the state’s rent stabilization represents “an unlawful taking of property without just compensation.” They claimed that the various rent laws in New York create a wide gap between the rent they receive and the costs they have to expend as a landlord and they are forced to offer low rent, lease renewals, and succession rights.
The passage of the Housing Stability & Tenant Protection Act of 2019 expanded the existing rental laws in New York which further regulated how and when the landlord can increase the rent and when landlords can take back the rental space. With income low and expenses high, many landlords have been facing foreclosures as an aftermath of inflation and high interest rates. However, the Supreme Court has previously only heard a small fraction of similarly structured cases related to rent control laws. Once again, the Supreme Court declined to hear this case on the alleged unconstitutionality of New York rent stabilization laws.
Kathryn Brenzel, End of the road? Supreme Court declines to take up challenge to New York’s rent law, The Real Deal, https://therealdeal.com/new-york/2023/10/02/supreme-court-rejects-ny-rent-law-challenge/ (Oct. 2, 2023).
Tags: Community Housing Improvement Program, constitutionality, foreclosure, high interest rate, Housing Stability & Tenant Protection Act of 2019, inflation, Landlord, New York, New York real estate, rent control, rent control law, Rent Guidelines Board, rent law, Rent Stabilization, Rent Stabilization Association, rent stabilization law, Tenant, U.S. Supreme Court, unlawful taking