Stuy Town Tenants Return To Court

Last March, the State Appellate Court ruled unanimously in favor of Stuyvesant Town & Peter Cooper Village tenants, citing that owner Tishman Speyer, and previous owner MetLife, did not have the right to deregulate some 4,400 apartments while receiving a $24 million J-51 tax abatement.

The New York State Court of Appeals will hear arguments on the J-51 "Roberts" ruling on Thursday, September 10.

If the lower court ruling is upheld, Tishman Speyer will be forced to return the affected units to rent-stabilized status, lowering rents for many tenants currently paying market rate prices. It would also be forced to reimburse current and past tenants for money that they have paid above what the legal regulated rents should have been. An estimated 300,000 units city-wide whose owners receive J-51 benefits may be affected by this ruling.

The court convenes on September 10 at 2:00pm. To watch the oral arguments live on the Internet that day, go to http://www.nycourts.gov/ctapps/.

The case comes as Reuters reports that the borrowed interest reserves that were part of the loans used to buy Stuy Town & Peter Cooper Village could run out in four months. The interest reserves on the property fell to $56.5 million at the end of July, down from the $400 million at the time the loans were underwritten.

Tishman Speyer purchased the two megadevelopments in 2006 for $5.4 billion, with the intention of converting as many rent stabilized units as possible to market rates. While a tenant victory in the Court of Appeals would officially halt this plan, the development was already in financial trouble, as Tishman wasn't able to push out the rent regulated tenants out as fast as they had projected.

Tenants Rights Upheld In Court

Last week, a Manhattan judge ruled that an amendment to New York City's Human Rights Law obligates landlords to accept section 8 housing and other federal subsidies for units that are already rent stabilized and for those tenants who moved in after the law was already enacted. The case was brought on behalf of a group of tenants whose landlords refused to accept their payments when they tried to use Government vouchers to pay their rent.

Met Council's 50th Anniversary Fund Drive in Full Swing

Met Council is only one week into our 50th Anniversary fund drive, and so far the support from our members has been very strong. Many thanks to all of our members who have given so generously to Met Council during this crucial time! If you haven't yet donated, please consider making a contribution.

For 50 years, Met Council has relied solely on the voluntary contributions of our membership to fund our crucial organizing and advocacy work. This financial independence has allowed us to take the bold stances our members rely on us to take: fighting for home rule, holding elected officials accountable, and stronger tenant protections.

Today Met Council is a leader in the fight to repeal vacancy decontrol, protect Section 8 and Mitchell Lama housing, and put an end to MCI abuse. With our members' continued support, we look forward to leading the fight for tenants' rights for the next 50 years.

You can send your donation to Met Council's office at 339 Lafayette St, Suite 301, New York NY 10012. You can also donate online by logging onto metcouncil.net and clicking on the PayPal link.