N.Y.C. Admin. Code § 26-405

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

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(4) The city rent agency shall establish maximum rents effective January first, nineteen hundred seventy-four and biennially thereafter by adjusting the existing maximum rent to reflect changes, if any, in the factors which determine maximum gross building rental under paragraph three of this subdivision except that commencing January first, nineteen hundred eighty-two, said maximum rent shall no longer recognize or reflect the adjustment allocable to changes in heating costs after April ninth, nineteen hundred seventy-nine. Notwithstanding any other provisions in this paragraph to the contrary, commencing January first, nineteen hundred seventy-four, the city rent agency shall require each owner to make available for examination his or her books and all other financial records relating to the operation of each building under his or her ownership containing accommodations subject to this chapter at least once every three years for the purpose of determining whether the maximum formula rent is appropriate for each building in light of actual expenditures therefor and shall also alter such formula rent to take into account significant variations between the formula and actual cost experience. The agency shall also establish maximum costs for the factors under paragraph three of this subdivision which determine maximum gross building rental to preclude increases which would otherwise results from excessive expenditures in the operation and maintenance of the building. The return allowed on capital may be revised from time to time by local law.