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A landlord who said he was fed up with subsidizing his tenants through rent stabilization has lost his bid to overturn the decades-old system.

The U.S. Supreme Court declined to hear his case, leaving in place deeply-discounted rent prices on almost a million units in one of the countrys most expensive cities.

The court offered no reason for the rejection.

The landlord argued that the rent cap rules are so burdensome that it amounts to an unconstitional taking of his property.

In earlier statements, the landlord explained that his grandfather purchased the NYC building prior to rent stabilization laws. The landlord, now 68, inherited the property.  He says that he has individual tenants who have remained in the five-story brownstone for more than 30 years. One tenant, who owns a house on Long Island, pays less than a thousand dollars a month for the rental.

The landlord alleged that the rents paid are 60% lower than market rent.

According to a news report, Governor Cuomo and a number of other city officials applauded the outcome as a victory for tenants.

Commenting on the court’s decision not to hear the case, the landlord decried the unfairness of his family being forced to subsidize the living expenses of another family for life, according to the report.

Proponents of the rent stabilization rules say that without them, people would be living in the streets.

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  • Keith K

    If the tenant is smart, they will keep the lease at the lower rate and sub-let it for the market rents creating a sort of landlords landlord. The sub-letting landlord has no liabilities or expenses and the income is tax free.

    Not sure how this scenerio (which does play out often) helps keep people off the streets?

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