The tenants of Stuy Town have achieved victory at last. They've reached a settlement with the company that controls the complex, and the long saga of rent overcharges will end. The $68.7 million settlement means that affected tenants who lived in the complex between January 22, 2003, and December 31, 2011, will get between $150 and six figures each, the Times and Crain's explain. Maybe then they won't have to put their apartments on Airbnb any more.
While the settlement finally resolves a lawsuit on which the court ruled back in 2009, the news is probably less positive for tenants not involved in the lawsuit, or for those hoping to move to Stuy Town in the future. The Times explains that rents on a number of Stuy Town apartments "will rise by hundreds of dollars a month, under a complicated set of formulas the two sides used to determine the legal rent for each unit under the state's rent regulations." But don't worry, maybe soon there will be cheap co-ops to fight over.
· $68.7 Million Settlement on Stuyvesant Town Rents [NYT]
· Stuy Town coverage [Curbed]