Order reversed on the law, with costs; the Rent Commission's cross motion to dismiss the petition granted; and petition dismissed. No questions of fact were considered.
The 1961 amendment (L. 1961, ch. 337) served to abolish full valuation based on the 1954 ratio and to substitute, instead, as the basis for fair-return valuation, the ratio of the most recent year. In accordance therewith, a rent increase was necessarily granted on the current ratio because, as of...
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