Kimmel v. McGoldrick

This article 78 proceeding seeks a review of a determination of the Temporary State Housing Rent Commission fixing rents in premises owned by petitioners. Petitioners’ complaint is that the commission improperly fixed the valuation of their property at $177,182.

The State Residential Rent Law (L. 1946, ch. 274, as amd.) directs that provision shall be made for individual adjustment of maximum rent where the rental income from a property yields a net annual return of less than 4% of the valuation of the property. Such valuation shall be the current equalized assessed valuation upon which taxes…