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VERSAILLES REALTY CO. v. DHCR

76 N.Y.2d 325 (1990)

In the Matter of Versailles Realty Company et al., Appellants, v. New York State Division of Housing and Community Renewal, Respondent.

Court of Appeals of the State of New York.

Decided June 28, 1990.

Attorney(s) appearing for the Case

Allen H. Weiss and Michael W. Gunzburg for appellants.

Iris J. Korman, Dennis B. Hasher and Rudolph Rosa Di Sant for respondent.

Chief Judge WACHTLER and Judges SIMONS, ALEXANDER, TITONE, HANCOCK, JR., and BELLACOSA concur.

KAYE, J.

A regulation promulgated by the Division of Housing and Community Renewal (the DHCR) which prohibits rent increases for major capital improvements (MCI's) funded out of the cash reserve fund established by a newly converted cooperative corporation is a proper exercise of the agency's authority, as is the application of that regulation to all administrative proceedings pending at the time of its adoption...

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