Streg, Inc. v. Herman

This is an article 78 proceeding brought by a landlord to review the determination of the State Rent Administrator for building-wide rent increases pursuant to subdivision 5 of section 33 of the State Rent and Eviction Regulations.

Under the State Emergency Housing Rent Control Law as implemented by subdivision 5 of section 33 of the State Rent and Eviction Regulations a landlord is entitled to obtain rent adjustments where needed, sufficient for it to realize a 6% net annual return on the appropriate index of its property’s value. The State Rent Administrator contends that a partial audit of…