Apartment landlords in New York braced for what could turn into billions of dollars of rent refunds in the wake of a ruling by New York state's highest court, the Court of Appeals. The court said the owners of the Peter Cooper Village and Stuyvesant Town complex on the east side of Manhattan had improperly raised rents on thousands of units. They used a legal mechanism known as luxury decontrol. Tens of thousands of New York apartments have had rents raised under the same rules.

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