Blackport Estates, Inc. v. McGoldrick

Petitioner-appellant, owner of an apartment house, commenced a proceeding before the Rent Administrator to secure an increase in rents, claiming that it was entitled to a 4% return on the assessed value of $150,000. The Rent Administrator refused to accept the assessed valuation as the basis for computing the return to which the landlord was entitled, relying on his statutory authority to make a valuation different from the assessed valuation “ where the valuation of the land without the buildings thereon does not bear a reasonable relationship to the valuation of the buildings themselves ”…