Four Maple Drive Realty Corp. v. Abrams

On June 9, 1955 the owner of an apartment house filed an application with the local rent administrator at Hempstead, New York, for an adjustment of maximum rents pursuant to section 4 (subd. 4, par. [a], cl. [1]) of the State Residential Rent Law (L. 1946, ch. 274, as amd.) hereinafter called the Rent Law. The landlord asserted that it was entitled to a net 6% return of the assessed valuation of the property, properly adjusted by applying thereto the ratio which such assessed valuation bore to the full valuation as determined by the State Board of Equalization and Assessment. The current…