Co-ops and Condos Won't Get Soaked by Water Rate Hike
June 27, 2016 — Judge blocks rate hike and credit as unfair to co-ops and condos.
A State Supreme Court Justice ruled last week that a planned 2.1 percent increase in New York City’s water rates – along with a one-time $183 credit for small homeowners promised by Mayor Bill de Blasio – is “unreasonable, arbitrary, capricious and an abuse of discretion,” the Wall Street Journal reports.
Instead of increasing on July 1, water rates will remain the same, pending the city’s appeal of the court ruling.
As we reported earlier, the Rent Stabilization Association, representing thousands of landlords, had sued to block the rate hike and credit, arguing that residents of co-ops, condos and rental buildings were essentially paying for a credit that was to be enjoyed only by owners of one-, two-, and three-family homes.