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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j. No increase or decrease in maximum rent shall be effective prior to the date on which the order therefor is issued, except as hereinafter provided. If an application for an increase pursuant to subparagraph (a) of paragraph one of subdivision g of this section submitted on or after August first, nineteen hundred seventy is accompanied by a certified statement of expenditures and no order is issued thereon within four months of the filing of an application based on assessed value or equalized assessed value, or eight months of the filing of an application based on sale price, with all required documentation the increased rent requested shall thereafter be placed in an interest bearing escrow account until a final determination is made upon such application by the city rent agency. Upon initial determination by the agency an order shall be issued providing for the payment of the increased amount, if any, due to the landlord from the date of first deposit of rent in said escrow account with interest, and the excess amount, if any, be paid the tenants entitled thereto, with an appropriate amount of interest. The city rent agency shall promulgate rules and regulations for the administration of such escrow accounts. Any person serving as escrow agent shall not be liable except for fraud or misfeasance.

k. Regulations, orders, and requirements under this chapter may contain such provisions as the city rent agency deems necessary to prevent the circumvention or evasion thereof.