Real estate groups in New York have petitioned the high court to review the rent stabilization law.
May 15, 2023 |
Updated May 15, 2023
New York real estate groups are petitioning the U.S. Supreme Court after a series of lower court decisions based on the complaint that owners are losing their ability to run their businesses. According to The Real Deal, the groups filed a petition earlier this month after the first lawsuit was filed in July 2019.
They claim the rent stabilization law violates the Fifth Amendment and 14th Amendment, while the petition asks the court to “clarify the framework that applies when a law places the burden of rectifying a societal problem on a select minority of property owners,” according to the article.
The complaint challenges the Housing Stability and Tenant Protection Act of 2019, and “the law deprives owners of the use of their properties while also failing to address New York’s affordable housing shortage,” according to The Real Deal.
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