Efrisch Realty Corp. v. Gabel

Appellant is the owner and landlord of an 18-building complex in Rego Park, Borough of Queens, containing 541 rent-controlled apartments. On November 9, 1962, the landlord filed an application with the District Rent Office for-an increase in the maximum rent of the apartments pursuant to the “net annual return ” provisions of the City Rent and Rehabilitation Law. Section Y51-5.0 of the city rent law (New York City Administrative Code, tit. Y) provides for the adjustment of maximum rents where the rental income from a property yields a net annual return of less than 6% of the valuation of the…