Blackstone, the landlord of Manhattan’s Stuyvesant Town-Peter Cooper Village complex, has announced that roughly 11,200 apartments will remain permanently rent-stabilized after dropping its attempts to overturn a court ruling. This decision comes after tenants sued Blackstone in 2020 to keep their apartments rent-stabilized under newly enacted state laws that expanded tenant protections. A judge ruled in favor of the tenants, prompting Blackstone to appeal. However, the company has now decided to drop the appeal, citing its commitment to the complex’s tenants.
The tenants and local officials at Manhattan’s largest apartment complex have celebrated this decision, as it means all the apartments at Stuyvesant Town-Peter Cooper Village will be covered by rent stabilization and the protections it provides. Tenant Association President Susan Steinberg expressed relief and joy at the news, highlighting the impact this decision will have on thousands of residents who will no longer have to fear being unfairly targeted.
Stuyvesant Town-Peter Cooper Village was built in the mid-1940s as a community for white, middle-class tenants, and has since become home to around 28,000 people across 110 buildings. The decision by Blackstone to maintain the rent stabilization of these apartments comes after the U.S. Supreme Court rejected challenges to New York’s rent-stabilization laws, which limit rent increases on nearly 1 million apartments in the city.
Overall, the decision by Blackstone to keep these apartments rent-stabilized provides security and peace of mind for the residents of Stuyvesant Town-Peter Cooper Village, ensuring they can remain in their homes without the fear of displacement due to rising rents.
Source
Photo credit gothamist.com