According to National Review, New York landlords have requested the Supreme Court consider their challenge against the state's rent-stabilization law. This request follows a February ruling by the Second Circuit that went against the plaintiffs, including the Community Housing Improvement Program and the Rent Stabilization Association. In their legal filing, the plaintiffs argue that while promoting affordable housing is commendable and can be achieved through subsidies and tax reductions, the city and state have adopted an unconstitutional approach.
The rent-stabilization law in New York City, which affects one million apartments, imposes costs on property owners of older buildings and imposes strict regulations on maximum rents. Property owners are also restricted from occupying the apartments themselves or taking them off the rental market. The landlords challenging the law argue that it violates the "takings clause" of the Fifth Amendment, which prohibits the taking of private property for public use without just compensation. The case has been rejected by lower courts, but the plaintiffs are confident that the Supreme Court will rule in their favor, citing a recent decision related to property rights. The plaintiffs argue that the New York law infringes on their rights as property owners and places an undue burden on them for the public good. They hope the Supreme Court will review the case and reaffirm the limits of government power in forcing certain property owners to bear the economic burden of public policies.
Zymeri, J. (2023) https://www.nationalreview.com/news/landlords-ask-supreme-court-to-hear-challenge-to-new-york-rent-stabilization-law/