The New York City Council last week pushed back against Mayor Michael Bloomberg’s cancellation of a $400 rebate for homeowners. The council said the mayor does not have the right to withhold the checks and several lawmakers filed a suit last week to force the checks to be released.

The rebates were supposed to have gone out in October but have not, and Bloomberg announced earlier this month he wanted to cancel them to save the city $256 million.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.