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Buyouts of Prior Loft Tenants Permanently Excluded Units from Rent Regulation
The Loft Board found that residential units in a building qualified as interim multiple dwellings (IMDs) under the Loft Law but weren’t subject to rent stabilization upon prior landlord’s purchase of former tenants’ fixtures and rights. Tenants appealed, claiming that the Loft Board’s decision was unreasonable. The court ruled against tenants, who appealed and lost. The Loft Board’s decision was rational and not contrary to law.
