MATTER OF REALTY AGENCY v. Weaver

The issue presented on this appeal is whether the State Bent Administrator properly rejected sales price as a valuation base in a rent adjustment proceeding instituted by petitioner, as authorized by section 4 (subd. 4, par. [a]) of the State Besidential Bent Law (L. 1946, ch. 274, as amd. by L. 1957, ch. 755).1

*252The discretionary power heretofore accorded the Bent Administrator to reject or accept a bona fide sales price as a valuation base in rent adjustment proceedings is now restricted by statute. The pre-1957 subdivision 4 (par. [a], cl. [1]) of section 4 of the Bent Control Law…