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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(d) any
increase in the equalized assessed value of the property which occurred
subsequent to the first valuation of the property after purchase by the
owner.

(vi) Threshold
income shall mean that annual gross rental income collectible for such building
which exceeds the annual operating expense for such building by a sum equal to
five percent of such annual gross rental income collectible.

(vii) Test year shall mean any one of the
following:

(a) the most recent calendar year
(January 1st to December 31st); or

(b) the most recent fiscal year (one year
ending on the last day of a month other than December 31st, provided that books
of account are maintained and closed accordingly; or

(c) any 12 consecutive months ending within
90 days prior to the date of filing of the hardship application. Such period
must end on the last day of a month. Nothing herein shall prevent the DHCR from
comparing and adjusting expenses and income during the test year with expenses
and income occurring during the three years prior to the date of application in
order to determine the reasonableness of such expenses and income.

(2) Restrictions. No
owner may file an application, nor may an owner be granted an increase in
excess of the level of applicable guidelines increases, unless:

(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;