(a) Vacancy lease or rental.
(1) For housing accommodations other than hotels, upon the renting of a vacant housing accommodation, the owner shall provide to the tenant a copy of the fully executed lease for a one- or two-year term, at the tenant's option (except where a mortgage or mortgage commitment existing as of April 1, 1969 prohibits the granting of one-year lease terms), bearing the signature of the owner and tenant and the beginning and ending dates of the lease term, within 30 days from the owner's receipt of the vacancy lease signed by the tenant. Such lease shall conform to the intent of section 5-702 of the General Obligations Law (plain English). The rent provided therein may not exceed the last legal regulated rent in addition to all increases authorized by this code. For a housing accommodation subject to the City Rent Law which becomes vacant after March 31, 1984, the owner may not increase the rent charged in the initial lease or other rental agreement pursuant to annual guidelines for a period of one year or until the expiration date of the initial lease or rental agreement, whichever is later.