Tenants Applaud Stuy Town Decision
To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.
Then come back here and refresh the page.
Tenants of Stuyvesant Town and Peter Cooper Village are applauding a landmark court ruling that could affect landlords throughout the city.
Elected officials joined residents of the East Side apartment complex Sunday, just two days after a Manhattan appeals court said its owner cannot raise rents to market value.
Tishman Speyer, the owner of the complexes, was accused of taking nearly 3,000 rent-stabilized apartments from rent regulation and raising them to market rates.
"It is a victory for tenants city-wide. It is a victory for the vision of affordable housing," said Congresswoman Carolyn Maloney.
"They can set down roots. Their kids can enjoy. They can enjoy it. Just be able to budget their lives, financially and otherwise. I'm just thrilled," said Jo-Ann Polise, a tenant.
The court ruled Tishman Speyer has to follow rent regulations since it already received tax breaks for owning the rent-controlled property.
The ruling could force the company to refund millions of dollars to tenants.
The company says it plans to appeal.