N.Y.C. Admin. Code § 26-405

Citation
N.Y.C. Admin. Code § 26-405
Source
Official source
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https://codelibrary.amlegal.com/codes/newyorkcity/latest/NYCadmin/0-0-0-206052 ↗

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(ii) For any individual housing accommodation for which no full fifteen per centum rent increase has been granted since May first, nineteen hundred fifty-three pursuant to former subparagraph (d) of paragraph one of subdivision g of this section the maximum rent shall be increased by fifteen per centum, except that if there was no such increase for any individual housing accommodation for which a first rent was established pursuant to former subdivision m of this section after July thirty-first, nineteen hundred sixty-five and before August first, nineteen hundred sixty-eight, the maximum rent shall be increased by five per centum, and except that if there was no such increase for any individual housing accommodation for which a first rent was established pursuant to such subdivision on or after August first, nineteen hundred sixty-eight there shall be no increase in maximum rent. On or after August first, nineteen hundred seventy, a landlord may file application for labor cost rent adjustment pursuant to subparagraph (l) of paragraph (1) of subdivision g of this section. In lieu of such labor cost rent adjustment, the landlord of a building with twenty or fewer housing accommodations shall have the option of filing for a five per centum increase in maximum rent for any individual housing accommodation for which two or more full fifteen per centum increases have been granted since May first, nineteen hundred fifty-three pursuant to former subparagraph (d) of paragraph one of subdivision g of this section. Nothing contained in this subparagraph (a) however, shall have the effect of establishing the maximum rent in an amount less than the maximum rent in effect on July thirty-first, nineteen hundred seventy nor of increasing by more than fifteen per centum the maximum