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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(c) Where an application for an increase in any maximum rent is filed under subparagraph (f) and/or (g) of paragraph one of this subdivision g, and the landlord is not entitled to any increase by reason of the provisions of subparagraph (b) of this paragraph six, the city rent agency may waive such provisions and issue orders increasing the maximum rent effective as of the date of the issuance of the orders provided, however, that the landlord agrees in writing to deposit the entire amount of such increase in maximum rent into an escrow account administered by the city rent agency in accordance with rules and regulations to be promulgated by such agency for the purpose of obtaining compliance with such provisions and further agrees to obtain and submit to the city rent agency within one year from the date of issuance of such orders; a report of search issued by the agency of the city having jurisdiction stating that the violations shown in the report of search required under subparagraph (a) of this paragraph six have been removed, cleared, corrected or abated, and his or her own certification that he or she is and will continue to maintain all essential services in accordance with the provisions of subparagraph (b) of this paragraph six. In the event the landlord fails to fully comply with such provisions within one year from the date of the issuance of the order increasing the maximum rent, the city agency may, having due regard for the equities involved, revoke such orders and direct full refund to the tenants of the entire increase paid by the tenants as a result of such orders. Any person serving as escrow agent shall not be liable except for fraud or misfeasance.