After a few years in the news for harassing rent-stabilized tenants, Vantage Properties might finally be getting sued, The New York Times reports. Vantage paid out more than $2 billion at the market's peak in '06 and '07 for 125 buildings in Queens, Washington Heights, and Harlem, with the expectation of taking 20 to 30 percent of the apartments out of rent-stabilization by the end of 2008. (Oh, real estate boom, how we miss you!) Shockingly, the turnover didn't quite meet Vantage's expectations, even with "deceptive and misleading" eviction notices filed against tenants. (Nor did the tenants fail to let Vantage know they were unhappy.) State Attorney General Andrew Cuomo has told Vantage he'll file a lawsuit in five days unless the company stops harassing tenants and coughs up damages. Between Stuy Town, rulings against rent increases, and Vantage about to be sued, it seems the tide might finally be turning back in favor of rent-stabilized tenants. And all it took was global economic meltdown!
· Landlord Faces Lawsuit for Harassment [NYT]
· Vantage Properties coverage [Curbed]