N.Y.C. Admin. Code § 26-405

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

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(1) the maximum rent established pursuant to paragraph three of this subdivision as adjusted pursuant to this chapter, computed without regard to the limitations of paragraph five of this subdivision (provided that in any case the rent paid by the tenant pursuant to this chapter without regard to this paragraph is higher than such rent, the rent paid shall be substituted for such rent), or

(2) the contract or fair market rent approved for the housing accommodation pursuant to federal law or regulation.

(b) Prior to the collection of any increase in maximum rent pursuant to this paragraph, the landlord shall advise the city rent agency of his or her intent to compute the maximum rent pursuant to this paragraph.

(c) If a housing accommodation to which this subdivision applies ceases for any reason to be governed by this paragraph, the maximum rent collectible from the tenant shall be computed as if this paragraph had not applied and any adjustments thereto which would have been permitted pursuant to this chapter during the period such rent was set by this paragraph shall be proper rental adjustments.