I. L. F. Y. Co. v. City Rent and Rehabilitation Administration Et Al‪.‬

These direct appeals by I. L. F. Y. Co., O'Brien, York Associates, Inc., Webb & Knapp, Inc., and Great South Bay Company, owners of rent-controlled residential properties located in the City of New York, present for our determination the alleged unconstitutionality of certain provisions of the recently enacted City Rent and Rehabilitation Law (Local Laws, 1962, No. 20 of City of New York). As was the case on the first I. L. F. Y. Co. appeal (I. L. F. Y. Co. v. Temporary State Housing Rent Comm., 10 N.Y.2d 263), the challenged portions of the law relate to the procedure whereby landlords are able to obtain maximum rent adjustments under the fair net return provision.1