New York's Stuy Town Tenants Keep Cheap Rent

Thanks to a court ruling last October, about 4,400 renters at Stuyvesant Town/Peter Cooper Village (Stuy Town) got to pay lower rent and an agreement last week will keep that break in place at least through December. The court had ruled that the owners of Stuy Town - Tishman Speyer and Blackrock Realty - had illegally deregulated their rents while receiving tax breaks.

The ruling originally lowered the rent for just a few months but, two extensions later, it will expire at year's end unless a different agreement is signed.

The deal was struck when the tenants won their lawsuit, which went all the way to the State Supreme Court. The tenants will continue to enjoy their apartments at estimated rent-stabilized levels rather than the much higher market rates of over $2,000 per month.