Federal Home Loan Mortgage Corporation, Plaintiff,
v.
New York State Division of Housing and Community Renewal, Defendant.
Court of Appeals of the State of New York.https://leagle.com/images/logo.png
Argued November 30, 1995
Decided December 28, 1995.
Attorney(s) appearing for the Case
Christopher P. Spera, of the Virginia Bar, admitted pro hac vice, and Fischbein, Badillo, Wagner, Itzler, New York City (Richard S. Fischbein, Kenneth G. Schwarz and Pamela A. Phillips of counsel), for plaintiff.
Dennis C. Vacco, Attorney-General, New York City (Gary R. Connor, Victoria Graffeo and Peter H. Schiff of counsel), for defendant.
Thacher Proffitt & Wood, New York City (Joseph Phillip Forte and Jean E. Burke of counsel), and William E. Cumberland, of the District of Columbia Bar, admitted pro hac vice, for Mortgage Bankers Association of America, amicus curiae.
Paul A. Crotty, Corporation Counsel of New York City (Pamela Seider Dolgow and John Hogrogian of counsel), for the City of New York, amicus curiae.
Wolf Haldenstein Adler Freeman & Herz LLP, New York City (Stuart M. Saft of counsel), for Council of New York Cooperatives, amicus curiae.
Sandra Russo, New York City, David Robinson and White & Case (William A. Schoneman of counsel), for Legal Services for New York City and others, amici curiae.
Chief Judge KAYE and Judges SIMONS, BELLACOSA, SMITH, LEVINE and CIPARICK concur.
Court of Appeals of the State of New York.
TITONE, J.
On a question certified to this Court from the Second Circuit Court of Appeals, we are asked to determine whether a multiple dwelling exempt from the Rent Stabilization Law by virtue of its cooperative ownership reverts to its former rent-regulated status upon foreclosure. Relying on the plain language of the Rent Stabilization Law, we answer that question...
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