First filed
RSA and CHIP had their lawsuit locked and loaded when Gov. Andrew Cuomo signed off on the rent law in June 2019. They filed just two weeks later with an argument that would become the basis of suits to follow.
The rent law violates the U.S. Constitution’s Fifth and Fourteenth Amendments, their complaint argued. Specifically, a “takings clause” in the Fifth Amendment bars governments from seizing private property without compensating owners the RSA suit argues that rent regulation, which targets one group to pay for the benefit of others, amounts to just that.
By largely restricting owners from refusing new leases, the law also violates the Fourteenth Amendment’s due process clause, the suit alleges, because the government can’t hinder property owners from keeping people off their property. Another violation of due process, the case claims, is that the law is arbitrary and irrational.
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Manhattan’s luxury market has another strong week under its belt.
Last week, there were 38 contracts for properties asking $4 million or more the best week since August 2016 when 43 contracts were inked, according to Olshan Realty’s latest market report.
Of the 38 homes that went into contract last week, the vast majority were condos in addition to seven co-ops and three townhouses.
Last week’s contract activity is a continuation of the upward trend that began in Manhattan’s luxury market late last year, particularly among new developments. Of the 38 luxury condos that went into contract last week, 17 were sponsor units.