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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(4) Right of tenant to cancel
lease where rent increase based upon hardship is granted. In the event that an
order is issued increasing the legal regulated rent because of owner hardship,
the tenant may within 30 days of his or her receipt of a copy of the DHCR
order, cancel his or her lease on 60 days' written notice to the owner. Until
such tenant vacates, he or she continues in occupancy at the approved increase
in rent.

(d) Alternative
hardship. As an alternative to the hardship application provided under
subdivision (c) of this section, owners of buildings, not owned as cooperatives
or condominiums, acquired by the same owner or a related entity owned by the
same principals three years prior to the date of application, may apply to the
DHCR, on forms prescribed by the DHCR, for increases in excess of the level of
applicable guidelines increases established under the RSL, based on a finding
by the DHCR that such guidelines increases are not sufficient to enable the
owner to maintain an annual gross rent income collectible for such building
which exceeds the annual operating expenses of such building by a sum equal to
at least five percent of such annual gross rent income collectible, subject to
the definitions and restrictions provided for herein.

(1) Definitions. The following terms shall
mean: