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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(iv) 81/2 percent of that
portion of the fair market value of the property which exceeds the unpaid
principal amount of the mortgage indebtedness referred to in subparagraph (iii)
of this paragraph. Fair market value for this subparagraph shall be six times
the annual gross rent.

(3) Restrictions.

(i) The collection of any increase in the
legal regulated rent for any housing accommodation pursuant to this subdivision
shall not exceed six 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 legal regulated rent as established or set
in future years.

(ii) If the
building was previously granted a hardship increase, such increase must have
become effective more than 36 months prior to the filing date of the
application.