9 NYCRR § 2522.4 — Adjustment of legal regulated rent (Rent Stabilization Code, via Cornell LII)

Citation
9 NYCRR § 2522.4 — Adjustment of legal regulated rent (Rent Stabilization Code, via Cornell LII)
Jurisdiction
New York (state)
Source verification
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Original Source
https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2522.4 ↗

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Full Text

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(vii) For rent
increases pursuant to this subdivision that took effect prior to June 14, 2019,
the increase in the monthly legal regulated rent for the affected housing
accommodations when authorized pursuant to this paragraph shall for buildings
and complexes containing 35 or fewer housing accommodations be 1/40th of the
total cost, including installation but excluding finance charges; and for
buildings and complexes containing more than 35 housing accommodations be
1/60th of the total cost, including installation but excluding finance
charges.

(viii) For temporary rent
increases pursuant to this subdivision effective as of or after June 14, 2019,
the temporary increase in the monthly legal regulated rent for the affected
housing accommodations when authorized pursuant to this paragraph shall for
buildings and complexes containing 35 or fewer housing accommodations be
1/168th of the total cost, including the cost of installation but excluding
finance charges; and for buildings and complexes containing more than 35
housing accommodations be 1/180th of the total cost, including the cost of
installation but excluding finance charges.

(b) Temporary major capital improvement rent
adjustments.

(1) An owner of a building or
building complex that contains more than thirty-five (35) percent
rent-regulated units may file an application to temporarily increase the legal
regulated rents of the building or building complex on forms prescribed by the
DHCR which includes an itemized list of work performed and a description or
explanation of the reason or purpose of such work, on one or more of the
following grounds:

(i) There has been a major
capital improvement, including an installation, which must meet all of the
following criteria: