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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(iii) Where it is determined that an item is
eligible to be replaced even though it has not exhausted seventy-five (75)
percent of its useful life and that it was installed as part of a substantial
rehabilitation or the new construction of a building for which the owner set
initial building-wide rents, the DHCR may reduce the increase granted for a
major capital improvement by a proportion of the remaining useful life of such
item or equipment;

(iv) Where it is
determined that an item is eligible to be replaced even though it has not
exhausted one-hundred (100) percent of its useful life, but has exhausted more
than seventy-five (75) percent of its useful life, the DHCR may reduce the
increase granted for a major capital improvement by a proportion of the
remaining useful life of such item or equipment.

(f) In no event shall a temporary major
capital improvement increase be granted for work done in individual apartments
that is otherwise not an improvement to an entire building.

(ii) There has been other
necessary work performed in connection with, and directly related to a major
capital improvement, which may be included in the computation of an increase in
the legal regulated rent only if such other necessary work was completed within
a reasonable time after the completion of the major capital improvement to
which it relates. Such other necessary work must:

(a) improve, restore or preserve the quality
of the structure and the grounds;

(b) have been completed subsequent to, or
contemporaneously with, the completion of the work for the major capital
improvement; and

(c) not be for
primarily cosmetic improvements or for operational costs.