Appeals Court Rules Apartment Complex Can't Give Up Tax Breaks to Deregulate

A New York state appeals court recently ruled that a Manhattan apartment complex cannot retroactively give up tax incentives in order to deregulate rent-stabilized units. The unanimous ruling by the Appellate Division, First Department, held that London Terrace Gardens, a complex that includes nearly 1,000 apartments, cannot repay the benefits it received under the city's J-51 tax incentive program.