Pols Rally to Protect Rent Stabilization Benefits

Today State Senator Daniel Squadron, along with other elected officials, including Manhattan Borough President Scott Stringer, are rallying to protest a court decision that jeopardizes tens of thousands of NYC residents under rent protection. The court decision in question allows landlords with J-51 benefits (a tax-incentive program through HPD for landlords, who in turn have to provide certain benefits to their tenants) to “retroactively” terminate and repay those benefits. In repaying the benefits, landlords can take away rent-stabilized apartments from their tenants, despite a previous court ruling involving Stuyvesant Town and Peter Cooper Village that said rent must be stabilized for the full term in exchange for a tax break. This means that about 4,000 apartments in 25 developments across the city in danger of losing rent stabilization. Independence Plaza North (IPN) residents are appealing the court decision threatening the rent in their building. Elected officials will speak to the wide effects of this particular court decision. They will hold the rally today, 11:15am, outside Independence Plaza North, near Greenwich and Duane Street in Tribeca. Check back here later today for photos.