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13 May 2016
New York's rent regulations have produced a variety of strange ways to think of real-estate. So while a recent court decision will not necessarily make the city's housing marketplace better in any respect, it at least is really a formerly implicit result an explicit one.

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The truth, reported by Bloomberg (1), concerned a whole new York woman who declared bankruptcy in 2012. A federal judge determined the value of the lease for her rent-regulated apartment was part of the bankruptcy estate, and therefore the landlord could buy the lease from your trustee. The landlord had previously sought to buy the tenant, who was uninterested.

The tenant appealed to the Manhattan-based Second Circuit Court of Appeals. The federal...