Billionaire real estate interests and conservative megadonors with ties to Supreme Court justices want the high court to end rent stabilization.

In the midst of a national housing crisis, billionaire real estate interests and conservative groups are urging the U.S. Supreme Court to overturn New York City’s rent stabilization law, a move that could lead to significant rent increases across the city. The law, enacted in 1969, restricts annual rent increases for nearly half of all rental units in the city. Housing policy analysts warn that if the law is overturned, it could result in a surge in homelessness, overcrowding, and displacement. The high court’s ruling on this issue could also pave the way for legal challenges to rent control laws across the country. Meanwhile, at least one group petitioning the court has been found to have substantial ties to known GOP megadonors and benefactors of Supreme Court justices, adding another layer of complexity to the case. The Supreme Court will decide on the petition on September 26, with potential ramifications for the 2023-2024 term.

  • Pectin8747
    30·
    1 year ago

    The attempt by billionaire real estate moguls to overturn New York City’s rent stabilization law is nothing but the ruling class wielding its power to exploit the many for the benefit of the few. This isn’t just about rents in New York; it’s a manifestation of the capitalist system where the rights of property owners are sacred, but the rights of those who need shelter are negotiable. It’s a blatant class assault, a vivid example of how the rich and powerful manipulate the legal system, including the Supreme Court, to suppress the masses and perpetuate their own wealth and dominance.