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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(8) Notwithstanding the provisions of this chapter, upon the sale in any manner authorized by law of a multiple dwelling which was previously subject to the provisions of such chapter and which was acquired by the city in a tax foreclosure proceeding or pursuant to article nineteen-A of the real property actions and proceedings law, for a dwelling unit which was subject to this chapter pursuant to the local emergency housing rent control act at the time the city so acquired title, is occupied by a tenant who was in occupancy at the time of acquisition and remains in occupancy at the time of sale, the maximum rent shall be the last rent charged by the city, or on behalf of the city, for such dwelling unit, which rent shall not exceed the rent computed pursuant to paragraph three of this subdivision, computed as of the time of such sale. This paragraph shall not apply to redemptions from city ownership pursuant to chapter four of title eleven of the code.

b. Such agency, to effectuate the purposes of this chapter, and in accordance with the standards set forth in paragraph two of subdivision c of this section, may set aside and correct any maximum rent resulting from illegality, irregularity in vital matters or fraud, occurring prior to or after May first, nineteen hundred sixty-two.