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)
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Original Source
https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2522.4 ↗

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(v) In
addition, for any rent increases due to any major capital improvements approved
on or after June 16, 2012 and before June 16, 2019, an owner may not collect
more than two percent in any year from any tenant in occupancy on the date the
major capital improvement was approved, provided the tenant has entered into a
renewal lease commencing on or after June 14, 2019, or is or was entitled to
receive a renewal lease on or after such date. In such event, the adjusted
limit on collectability shall take effect on the first anniversary of the date
on which the increase became collectible to occur after such lease
renewal.

(vi) An increase pursuant
to paragraph (1) of this subdivision shall not be collectible from a tenant to
whom there has been issued a currently valid senior citizen or disability rent
increase exemption pursuant to section 26-509 of the Administrative Code of the
City of New York, to the extent such increase causes the legal regulated rent
of the housing accommodation to exceed one third of the aggregate disposable
income of all members of the household residing in the housing
accommodation.

(6) The
determination of the appropriate adjustment of a legal regulated rent shall
take into consideration all factors bearing on the equities involved, subject
to the general limitation that the adjustment can be put into effect without
dislocation and hardship inconsistent with the purposes of the RSL, and
including as a factor a return of the actual, reasonable, and verifiable cost
to the owner, limited to the reasonable cost schedule in paragraph (2) of this
subdivision and exclusive of interest or other carrying charges, and the
increase in the rental value of the housing accommodations.