A lower court ruled against the landlords last year, saying that "the couple knew what they were getting into when they acquired the building," and also that they still retained many rights, including the abilities to reclaim apartments for their own use, to evict "unsatisfactory" tenants, and to demolish the building.
The Supreme Court upheld the legality of rent regulations as recently as 1992.
The city boasts 2.2 million rental units, the Times reports, half of which are regulated; one million are inhabited by their owners. Rents of non-regulated units are reaching all-time highs, the Times reported in a separate article.
Rent-regulation laws are scheduled to remain in effect until 2015:
Last month, Mayor Michael R. Bloomberg signed a bill extending the regulations for another three years by re-declaring a state of housing emergency. The emergency has been in effect for more than 40 years.
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