Landlords are once again suing over New York’s rent stabilization law.
On Wednesday, rental property owners filed a lawsuit in U.S District Court for the Southern District of New York against New York City and its Rent Guidelines Board (RGB), alleging that the city’s rent caps on vacant units have made it economically impossible for them to put these units back on the market.
By destroying the economic value of their empty units, they say the government’s vacancy caps have effectively taken their property without paying just compensation, in violation of the Fourteenth Amendment’s Takings Clause…