Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Four Class Actions Allege Rent Overcharge Chicanery
On Oct. 29, 2020, Newman Ferrara LLP, a Manhattan real-estate firm, filed four separate class-action lawsuits — on behalf of tenants living at 180 Franklin Avenue, 670 Pacific Street, 1209 Dekalb Avenue, and 3052 Brighton First Street, in Brooklyn, New York — highlighting three different maneuvers landlords used to evade the requirements of a tax-abatement program, commonly known as "421-a,"and the Housing Stability and Tenant Protection Act (HSTPA).
In 1971, Real Property Tax Law §421-a was enacted by the New York State Legislature to offer developers tax incentives for constructing new, market-rate, multi-family rental housing. In exchange for those credits, owners are required to provide their tenants with the protections of rent regulation, even if the apartments would otherwise be exempt. (This requirement has been modified under the "Affordable New York Housing Program" amendments to the 421-a program.) New York City's Rent Stabilization Law (RSL), and the Rent Stabilization Code (RSC), limit the amount of rent that NYC landlords can charge, and circumscribe the manner in which landlords are able to raise rents. To secure future percentage-based increases, participating landlords in newly constructed buildings must first establish an initial legal regulated rent for each unit and must register the "initial adjusted monthly rent charged and paid," with the New York State Division of Housing and Community Renewal (DHCR). See, RSL §26-517(a)(4) and RSC §2521.1(g).
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.