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) (a) Whenever in the judgment of the city rent agency such action is necessary or proper in order to effectuate the purposes of this chapter, such agency may, in lieu of decreasing the maximum rents as provided in paragraphs two and three of this subdivision h, enter into a contract wherein the landlord agrees in writing to deposit all income derived from the property, including income from spaces and accommodations not controlled, into an escrow or trust account for use in maintaining or restoring essential services and equipment, for removing violations against the property or housing accommodations therein, making such repairs as are necessary to remove a certification from any city agency having jurisdiction thereof that the housing accommodation is a fire hazard or is in a continued dangerous condition or detrimental to life or health, or is occupied in violation of law, and/or for such other uses as the city rent agency deems necessary or proper for the preservation, repair or maintenance of the property. The city rent agency may adopt such rules and regulations and orders as it may deem necessary or proper to effectuate the purposes of this paragraph, including but not limited to the issuance of orders adjusting all controlled rents to the appropriate maximum rent effective as of the first day of the month following the execution of the contract provided, however, that in the event the city rent agency shall determine that the landlord has breached such contract, such agency may issue orders (1) decreasing the maximum rents pursuant to such contract; (2) containing a directive that rent collected by the landlord in excess of the rent thus decreased be refunded to the tenants; and (3) containing such other determinations and directives as are necessary in