“At issue is whether a valuable lease can be treated as an asset in a personal bankruptcy.”
This actually makes a lot of sense. To the extent that it is worth money to a third party, then it has value in bankruptcy. It is counterintuitive, but I don’t see rent stabilization as a social welfare benefit since it has no connection to your assets or income. Just luck of getting a stabilized apartment. Surprising that this hasn’t come up before. Considering the landlord is not intent on throwing her out, it would have been better for tenants to not have this individual fighting it.