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<i>Altman</i>: Six Takeaways
On April 26, 2018, a unanimous Court of Appeals held that apartments vacated between 1997 and 2011 will be considered luxury deregulated where the legal regulated rent was $2,000 or more at the time the incoming tenant moved in. The court reversed the First Department, which had held that such apartments would not be deregulated unless the rent was $2,000 or more at the time the outgoing tenant vacated. As has been widely reported, this was a major victory for the real estate industry.
This article will discuss the various impacts of the Altman decision.
1. A Good Day for Statutory Interpretation
Rent regulatory disputes often turn political; a court will frequently ignore or expand statutory language to achieve a desired outcome based on its views of tenant protection, affordable housing, or property rights. The Court of Appeals' ruling in Altman, however, was apolitical.
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