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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(ii) The temporary major
capital improvement increase is added to the legal regulated rent as a
temporary increase and will be removed from the legal regulated rent thirty
(30) years from the date the increase became effective inclusive of any
increases granted by the local rent guidelines board. The DHCR shall issue a
notice to the owner and all the tenants sixty (60) days prior to the end of the
temporary major capital improvement increase and shall include the initial
approved increase and the total amount to be removed from the legal regulated
rent inclusive of any increases granted by the applicable rent guidelines
board.

(iii) Such temporary
increases shall not be collectible during the term of a lease then in effect,
unless a specific provision in the tenant's lease authorizes an increase during
its term pursuant to an order issued by the DHCR.

(iv) The collection of such temporary
increases shall not exceed two percent in any year from the effective date of
the order granting the increase over the rent set forth in the schedule of
gross rents, with collectability of any dollar excess above said sum to be
spread forward in similar increments and added to the rent as established or
set in future years. In no event shall more than one two-percent increase in
the legal regulated rent pursuant to paragraph (1) of this subdivision be
collected in the same year, provided, however, that upon a vacancy, the owner
may temporarily increase the rent to the full temporary major capital
improvement increase amount.