Sunday, March 8, 2009
PCV/ST loses another case - $200 million on the line
Deal Junkie brought our attention to the fact that PCV/ST just lost a case in appellate court that could cost them $200 million that would go to roughly 3,000 tenants who received illegal rent increases.
The case revolves around the fact that PCV/ST received a tax break through the J-51 tax program, which allows breaks for renovations on rent-regulated apartments and encourages capital improvements by tenants as well. The NYTimes implies that the outlook is bleak for the owners.