Tenants and landlords spent much of Thursday struggling to figure out what the state high courts ruling on the future of Stuyvesant Town and Peter Cooper Village meant for all types of New Yorkers.
Real estate moguls feared the news would cripple their industry, and tenants worried about their rents.
Despite the lack of clarity, the ruling by the New York Court of Appeals had an immediate chilling effect on real estate in New York: Landlords questioned whether they could raise rents, and some even went so far as to cancel plans to buy more apartments in buildings with tax subsidies.
Some groups tried to calculate how many apartments were affected by the ruling. Harold Shultz, a senior fellow at the nonprofit Citizens Housing and Planning Council and former deputy commissioner at the citys Department of Housing Preservation and Development, estimated that 35,000 to 70,000 apartments fell under the decision. There are about one million rent-stabilized apartments in the city.
Read more in The New York Times.