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Rent Wars: Landmark Stuy Town Ruling?

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In what could be a serious blow to Tishman Speyer and other owners of largely rent-stabilized complexes, an Appellate Division of New York's Supreme Court ruled that buildings receiving certain tax breaks can not deregulate apartments. The case was brought in 2007 by Stuyvesant Town tenants who said their rents were improperly deregulated. The judges ruled that units must remain regulated as long as Tishman Speyer is receiving J-51 tax benefits, which it is scheduled to receive until 2017. Tishman Speyer could be forced to go back and re-regulate apartments. Because the decision was unanimous, TS might not be able to appeal. [Crain's]