NEW YORK CITY-Seven months after the New York Court of Appeals held that the owners of the massive Stuyvesant Town and Peter Cooper Village complex had illegally deregulated thousands of rent-stabilized apartments while receiving tax abatements, questions about the impact of the ruling remain. While many attorneys predicted that the suit would spell doom for the real estate industry and spawn a wave of litigation, only a handful of tenant and class action suits have been filed.

“In the legal world, we are still in the early innings,” says Mitchell Posilkin, general counsel for the Rent Stabilization Association of New York. He says the effect of the ruling, Roberts v. Tishman Speyer Properties, depends in part on how the trial courts resolve the issues left open by the Court of Appeals.

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