By The U.S. Supreme Court declined on Tuesday, 12th of November, 2024 to hear a bid by landlord groups to challenge rent stabilization laws in New York City that cap rent hikes and make it harder to evict tenants.
The justices turned away appeals by property owners of lower court rulings that found the city’s price and eviction controls do not violate what is known as the “takings clause” of the U.S. Constitution’s Fifth Amendment, which bars the government from taking property without compensating owners.
New York City’s modern rent stabilization system, enacted in 1969, was designed to address a shortage of affordable housing by capping rent increases and curbing the authority of property owners to remove tenants.
The law, which was passed by the New York state legislature and is implemented by the city, generally applies to buildings constructed before 1974 with at least six units, covering nearly one million apartments – around half of all apartment rentals in the most populous U.S. city.
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