Cier Industries Co. v. New York State Division of Housing & Community Renewal

*1004OPINION OF THE COURT

David B. Saxe, J.

The issue raised in these proceedings is of fundamental importance to the administration of the so-called "hardship” provisions of the Rent Stabilization Law in New York City. The Rent Stabilization Law (Administrative Code of City of New York § YY51-1.0 et seq., renum § 26-501 et seq.) has historically incorporated "hardship” provisions in recognition of the fact that an owner may not be able to earn the return on its capital investment that is prescribed by statute. If successful, an applicant for a "hardship” increase is issued an order by the Rent…