SITC Inc. v. Riverplace I Holdings LLC, 23 Misc. 3d 219 (2008)

Citation: SITC Inc. v. Riverplace I Holdings LLC, 23 Misc. 3d 219 (2008)
Parent Document: SITC Inc. v. Riverplace I Holdings LLC, 23 Misc. 3d 219 (2008)
Jurisdiction: New York (state)
Effective Date: 2008-12-30
Original Source: https://www.courtlistener.com/opinion/6310203/sitc-inc-v-riverplace-i-holdings-llc/ ↗

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“An illusory tenancy is defined generally as a residential leasehold created in a person who does not occupy the premises for his or her own residential use and subleases it for profit” (Matter of Badem Bldgs, v Abrams, 70 NY2d 45, 52-53 [1987]). The Court of Appeals further held “[s]uch tenancies are condemned because they permit the unscrupulous to use the provisions of the rent stabilization laws for financial gain, at the expense of those entitled to the laws’ protections to obtain living quarters at reasonable cost, and thereby frustrate the laws’ purposes.” (Id. at 53.)

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